United States SEC Fines Wells Fargo $900,000 for Failure to Provide Complete & Accurate Securities Trading Information (Blue Sheet Data), Wells Fargo Clearing 11,195 Submissions Contained Missing or Inaccurate Data for 10.6 Million Transactions, Subsidiary LPL Financial 3,697 Submissions Contained Missing or Inaccurate Data for 399,000 Transactions
23rd December 2024 | Hong Kong
The United States Securities and Exchange Commission (SEC) has fined Wells Fargo $900,000 for failure to provide complete & accurate securities trading information (Blue sheet data), with Wells Fargo Clearing providing 11,195 submissions containing missing or inaccurate data for 10.6 million transactions and subsidiary LPL Financial providing 3,697 submissions containing missing or inaccurate data for 399,000 transactions. United States SEC (20/12/24): “The Securities and Exchange Commission today announced settled charges against Wells Fargo Clearing Services LLC and LPL Financial LLC for failing to provide complete and accurate securities trading information, known as blue sheet data, to the SEC. Wells Fargo and LPL each agreed to pay a $900,000 civil penalty to resolve the SEC’s charges. According to the SEC’s orders, over a period of several years, Wells Fargo and LPL each made numerous blue sheet submissions to the SEC that contained inaccurate or missing information about securities transactions and the firms or customers involved in the transactions, as well as other deficiencies. The SEC’s order against Wells Fargo finds that, as a result of approximately 15 types of errors, Wells Fargo made approximately 11,195 blue sheet submissions to the SEC that contained missing or inaccurate data for at least 10.6 million total transactions. The SEC’s order against LPL finds that, as a result of 10 types of errors, LPL made at least 3,679 blue sheet submissions that contained misreported or missing data for at least 399,000 total transactions. The SEC’s orders find that Wells Fargo and LPL both engaged in remedial efforts to correct and improve their blue sheet reporting systems and controls, including retaining outside consultants to conduct reviews of their respective blue sheet reporting programs, as well as improving their respective governance frameworks and validation procedures for blue sheet submissions. The orders note that Wells Fargo self-identified and self-reported all but one of the errors affecting its blue sheet submissions. The SEC orders find that Wells Fargo and LPL violated the broker-dealer recordkeeping and reporting provisions of the federal securities laws. Wells Fargo and LPL each admitted the findings in the respective orders and agreed to be censured and to each pay a $900,000 penalty. Separately, the Financial Industry Regulatory Authority (FINRA) reached settlements with Wells Fargo and LPL for related conduct.”
“ United States SEC Fines Wells Fargo $900,000 for Failure to Provide Complete & Accurate Securities Trading Information (Blue Sheet Data), Wells Fargo Clearing 11,195 Submissions Contained Missing or Inaccurate Data for 10.6 Million Transactions, Subsidiary LPL Financial 3,697 Submissions Contained Missing or Inaccurate Data for 399,000 Transactions “
United States SEC Fines Wells Fargo $900,000 for Failure to Provide Complete & Accurate Securities Trading Information (Blue Sheet Data), Wells Fargo Clearing 11,195 Submissions Contained Missing or Inaccurate Data for 10.6 Million Transactions, Subsidiary LPL Financial 3,697 Submissions Contained Missing or Inaccurate Data for 399,000 Transactions
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