Sept. 22 (Bloomberg) — Wells Fargo & Co. agreed to pay $5 million to settle U.S. regulatory claims that its brokerage unit failed to prevent an employee from trading on nonpublic information related to the 2010 acquisition of Burger King Holdings Inc.
The unit, which admitted wrongdoing, also delayed producing some information for six months and altered one of the documents, the Securities and Exchange Commission said in a statement today.
The SEC in 2012 obtained an emergency court order to freeze the assets of Waldyr Da Silva Prado Neto, the Wells Fargo employee, claiming he made illicit trades ahead of 3G Capital Partners Ltd.'s 2010 purchase of Burger King. Prado stole the inside information from another Wells Fargo brokerage customer involved in the deal, the SEC said.
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