Wells Notice

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Wells Notice

Written documentation of a coming enforcement action from the Securities and Exchange Commission to the respondent. While a Wells notice is not legally required, it has been standard practice since the 1970s.
References in periodicals archive ?
Oppenheimer also failed to timely disclose that its then Anti-Money-Laundering Compliance Officer and another employee had received Wells notices from the Securities and Exchange Commission.
Some Wells notices lead to disciplinary actions, others do not," he stated.
Wells notices that she seems a great deal more driven than many of those around her, and although she often faults others--she expresses frequent frustration at the acquiescence of many Blacks to their lot--she also finds fault with herself.
On December 9, 2011, Harbinger, Falcone and two of his lieutenants were served with Wells notices by the SEC.
The company's former chief financial officer Robert Tieken and former accounting head Stephanie Bergeron also received Wells Notices.
Citigroup president Robert Willumstad said in a memo released Friday by Citigroup that the three had received Wells notices, in which the SEC gives warning that civil enforcement charges may be coming.
have all been served with so-called Wells notices, which charge that employees at these companies signed documents permitting Fleming to call payments income rather than deferred revenue.
Despite having received a Letter of Caution raising FINRA's concerns about DLA's markup practices after a 2004 exam, and after having received a Wells Notices concerning the matter in July 2009, DLA continued its unfair pricing practice.
9 that Harbinger Capital Partners, the major financier of LightSquared and its GPS-jamming mobile satellite network, had disclosed that Philip Falcone and two other HCP board members received so-called Wells notices from the Securities and Exchange Commission.
The Wall Street Journal reported that the Securities and Exchange Commission sent so-called Wells Notices to Merrill saying possible charges against it and several employees would focus on whether they adequately disclosed the risks of Orange County investments.
According to the same reports, the SEC has reportedly sent Falcone and two of his lieutenants Wells Notices, and both the SEC and the U.
Individuals at Goldman were promptly informed of the receipt of the Wells Notices by the outside counsel for both employees, but they subsequently failed to notify the Goldman compliance unit charged with updating Forms U4.