SEC Drops Probe Of Wells Fargo

Posted by Orb Staff on November 29, 2012 No Comments
Categories : Residential Mortgage

12829_wellsfargo SEC Drops Probe Of Wells Fargo The U.S. Securities and Exchange Commission (SEC) has ended its inquiry into allegations of possible fraud connected to Wells Fargo's mortgage-backed securities (MBS).

Reuters, citing a securities filing by the San Francisco-based lender, reports that the SEC informed Wells Fargo that it closed its investigation on Nov. 20 and will not proceed with an enforcement action. Wells Fargo initially received a notice from the SEC in February, stating that it planned to investigate the potential for fraud in a $60 million MBS transaction.

Neither the SEC nor Wells Fargo commented on the Reuters report.

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