Wells Fargo Should Be Forced to Meet Subpoenas, SEC Says
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Wells Fargo & Co. failed to hand over documents demanded in U.S. subpoenas and should be forced to cooperate with a probe into its sale of almost $60 billion in residential mortgage-backed securities, regulators said.
The Securities and Exchange Commission asked a federal judge to compel the bank, the largest U.S. home lender, to deliver documents it agreed to produce under subpoenas dating from September, the agency said today in a statement. The SEC said it’s looking into possible fraud by the San Francisco-based company and hasn’t concluded that anyone broke the law.