Wells Fargo Hit With $450K Fine

William Galvin, Massachusetts’ top securities regulator, fined Wells Fargo $450,000 Tuesday for failing to register its agents and supervisors in the Bay State despite repeat warnings to do so by the regulator.

During the 30-month period examined by Galvin’s Securities Division, 1,098 Wells Fargo agents and 561 Wells Fargo supervisors of agents had a lapse in their Massachusetts’ registrations.

Wells Fargo has more than 9,400 agents registered in the state.

The lapses in registration occurred despite the fact that the Securities Division told Wells Fargo at least 159 times that certain supervisors are required by state regulations to register between Jan. 1, 2017 and July 31, 2018,