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Wells Fargo Confirms SEC Probing Its Sales Practices

Thursday, November 3, 2016 10:55
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(Before It's News)

zerohedge.com / by Tyler Durden / Nov 3, 2016 8:23 AM

In the Legal Actions section of its just filed 10-Q, Wells Fargo confirmed that the bank is the object of an SEC probe, as well as various other government, state and local agencies are looking into its sales practices and reported that a “a number of lawsuits have also been filed by non-governmental parties seeking damages or other remedies related to these sales practices.”

SALES PRACTICES MATTERS Federal, state and local government agencies, including the United States Department of Justice and the United States Securities and Exchange Commission, and state attorneys general and prosecutors’ offices, as well as Congressional committees, have undertaken formal or informal inquiries, investigations or examinations arising out of certain sales practices of the Company that were the subject of settlements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the Office of the Los Angeles City Attorney announced by the Company on September 8, 2016. The Company has responded, and continues to respond, to requests from a number of the foregoing seeking information regarding these sales practices and the circumstances of the settlements and related matters. A number of lawsuits have also been filed by non-governmental parties seeking damages or other remedies related to these sales practices.

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The post Wells Fargo Confirms SEC Probing Its Sales Practices appeared first on Silver For The People.

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