: Wells Fargo to pay largest fine in SEC recordkeeping enforcement action

Wells Fargo & Co. WFC will pay $125 million out of a total of $289 million in fines by the Securities and Exchange Commission against 10 firms “for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications,” the SEC said. The firms have started to carry out improvements to their compliance policies and procedures to address the violations, the SEC said. Wells Fargo Securities LLC together with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network LLC agreed to pay a $125 million. BNP Paribas Securities Corp. FR:BNP and SG Americas Securities, LLC FR:GLE have each agreed to pay penalties of $35 million. BMO Capital Markets Corp. BMO and Mizuho Securities USA LLC MFG have each agreed to pay penalties of $25 million. Houlihan Lokey Capital Inc. HLI agreed to pay a $15 million. Moelis & Company LLC MC and Wedbush Securities Inc. agreed to pay $10 million each. SMBC Nikko Securities America Inc. has agreed to pay a $9 million penalty.

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