The Securities and Exchange Commission (SEC) 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…
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