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 swap-dealing unit 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. In addition, the CFTC said it is investigating whether Goldman Sachs violated federal securities laws by failing to disclose material information about trades made through its proprietary trading platform.