Massachusetts fines Wells Fargo $450,000 over unregistered agents

Securities regulator says more than 1,600 agents and managers had lapsed registrations.

Massachusetts has fined Wells Fargo $450,000 for failing to ensure that its agents and supervisors were appropriately registered in the state.

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According to the offer of settlement signed by Wells Fargo, during the 30-month period examined by the state’s securities division, 1,098 Wells Fargo agents and 561 Wells Fargo supervisors of agents had a lapse in their Massachusetts registrations. Wells Fargo currently has more than 9,400 agents registered in Massachusetts, according to a release from Secretary of the Commonwealth William F. Galvin, the state’s chief securities regulator.

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Lapses in registration occurred despite the securities division having informed Wells Fargo at least 159 times that certain supervisors are required by state regulations to register, the release said. In addition to censure and the $450,000 fine paid to the state, Wells Fargo has agreed to register its agents conducting securities business in Massachusetts and to review and enhance policies and procedures related to registering its agents.