Wells Fargo to Pay $400,000 Over Alleged Swaps Reporting Failure
September 27 2016 - 3:42PM
Dow Jones News
By Andrew Ackerman
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 wrongdoing.
Specifically, the CFTC found errors in all of the so-called
large trader reports on physical commodity swaps submitted by the
firm from March 1, 2013, to Nov. 13, 2015.
"Wells Fargo submitted inaccurate LTRs that contained multiple
errors, including both missing data and data presented in a format
inconsistent with CFTC requirements," the agency said in a
release.
A spokeswoman for Wells had no immediate comment on the CFTC
matter.
The bank has been under intense scrutiny since it emerged that
its employees opened as many as two million unwanted or fictitious
customer accounts in an effort to meet sales goals. It agreed
earlier this month to pay a $185 million fine in a settlement with
the Consumer Financial Protection Bureau, the Office of the
Comptroller of the Currency and the Los Angeles City Attorney's
office.
Write to Andrew Ackerman at andrew.ackerman@wsj.com
(END) Dow Jones Newswires
September 27, 2016 15:27 ET (19:27 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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