SEC Takes Aim At Wells Fargo, Goldman Sachs

SEC Takes Aim At Wells Fargo, Goldman Sachs The U.S. Securities and Exchange Commission (SEC) has fixed its viewfinder on Wells Fargo & Co. and Goldman Sachs Group Inc. by issuing enforcement actions relating to their respective mortgage-backed securities (MBS) operations.

The Associated Press reports that both financial institutions said in their regulatory filings that the SEC sent them ‘Wells notices’ indicating the agency is planning to take some enforcement action against them. Wells Fargo said that it was under investigation for its mortgage business practices, while Goldman Sachs stated its notice was related to a 2006 subprime MBS offering worth $1.3 billion.

Both Wells Fargo and Goldman Sachs said they were cooperating with the federal government's investigations.


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