Wells Fargo (WFC) disclosed the receipt of a Wells notice from the Securities and Exchange Commission related to mortgage-backed securities disclosures and received a notification from the SEC staff that the enforcement action is now over.
The SEC said it investigated the matter and is closing the case.
“The staff does not intend to recommend any enforcement action by the Commission,” according to regulatory filings.
Wells Fargo disclosed the Wells notice in its 2011 annual report to shareholders.
A Wells notice is a letter issued by the SEC that it may bring a civil action against a person or firm. The person or firm being issued the notice then has the opportunity to present information as to why the enforcement action should not be pursued.
Goldman Sachs (GS) received a similar notice, though there is no update on that investigation yet.
