U.S. CFTC orders Wells Fargo Bank to pay $14 million over alleged violations

FILE PHOTO: A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake/File Photo

WASHINGTON (Reuters) – The U.S. Commodity Futures Trading Commission has ordered a Wells Fargo & Co (WFC.N) unit to pay more than $14 million over alleged multiple swap dealer business conduct standards violations, the agency said in a statement on Friday.

The CFTC said it ordered Wells Fargo Bank NA to pay a civil monetary penalty of $10 million and restitution of $4.475 million, and would required the bank to cease and desist violating the CFTC’s business conduct standards.

Reporting by Makini Brice; editing by Susan Heavey

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