New England Biz Law Update
The registrations of more than 1,600 Wells Fargo agents and supervisors in Massachusetts lapsed over a 30-month period, prompting state securities regulators to hit the company with a $450,000 fine.
Secretary of State William F. Galvin reported that an offer of settlement signed by Wells Fargo concluded that registrations had lapsed for 1,098 agents and 561 agent supervisors.
The company has more than 9,400 agents registered in Massachusetts.
Wells Fargo has agreed to register its agents conducting securities business in Massachusetts and to “review and enhance” its agent registration policies and procedures, Galvin’s office said.
