Wells Fargo & Co. is again under regulatory scrutiny, this time for its swap-dealing unit’s alleged failure to submit accurate reports on trader positions as required by its regulator. The San Francisco-based bank agreed to pay $400,000 to settle the allegations by the Commodity Futures Trading Commission, without admitting or denying...
Wells Fargo has agreed to pay $ 400,000 to settle allegations that its broker - dealer firm failed to submit accurate reports on trader positions . The Commodity Futures Trading Commission found multiple errors in the banks large trader reports , including both missing data and data presented in a format inconsistent with regulatory requirements . Wells Fargo , which has not investigated or denied any wrongdoing , has been under intense scrutiny after its customers allegedly opened two million unwanted and fictitious customer accounts to meet sales expectations .