Wednesday, November 28, 2012

SEC recommends no action after Wells Fargo investigation

Wells Fargo said Wednesday that the Securities and Exchange Commission team investigating the bank's mortgage-backed securities disclosures has recommended that Wells not face any penalties.

In its February annual report, Wells Fargo had disclosed that it has received a notice from the SEC that it was under investigation.

The bank was told last week that the investigation into disclosures on its offering documents had ended and no action was recommended, Wells said in a securities filing.

Wells Fargo settled similar allegations in a private lawsuit for $125 million last year.