The U.S. Securities and Exchange Commission is probing Wells Fargo’s (NYSE:WFC) cash sweep options for investment advisory clients, the bank disclosed in a recent SEC filing.
With the cash sweep feature, investment advisory clients can deposit uninvested cash balances into money market funds or interest-bearing accounts within three sweep options.
Additionally, the San Francisco-based bank said the U.S. Department of Justice closed an investigation into its diversity-related hiring policy without taking action.
Allegations related to such hiring practices are also among the subjects of a shareholder derivative lawsuit pending the United States District Court for the Northern District of California, the Tuesday filing said.
JEFFREY NEWMAN IS A WHISTLEBLOWER LAWYER AND HIS FIRM REPRESENTS WHISTLEBLOWERS UNDER THE SEC AND CFTC WHISTLEBLOWER PROGAMS AS WELLAS IN HEALTHCARE FRAUD SUITS UNDER THE FALSE CLAIMS ACT. HE CAN BE REACHED AT JEFF@JEFFNEWMANLAW.COM OR AT 617-823-3217
