The Securities and Exchange Commission has commenced an administrative action against Judy Wolf, a former compliance consultant to Wells Fargo Advisors, LLC, alleging that she altered a document that summarized her review of certain trading by a former WF Advisors employee, prior to submitting it to the SEC. The SEC had requested the document in connection with an insider trading probe of WF Advisors after taking legal action against the former employee, Waldyr Da Silva Prado Neto, in September 2012. The SEC alleged that Mr. Neto traded Burger King stock based on illegally acquired non-public information. According to the SEC, Ms. Wolf first summarized her review of Mr. Prado’s trading in September 2012. At the time, she made no findings. In December 2012, after the SEC commenced its case against Mr. Prado, Ms. Wolf amended her report to reflect “a more thorough review than she actually did in September 2010,” claimed the Commission. WF Advisors produced this amended, not the original, document when requested by the SEC. WF Advisors had previously agreed to pay a fine of US $5 million in connection with charges brought by the SEC for not having adequate controls to prevent Mr. Prado to trade on insider information and for providing the altered document. Mr. Prado has been ordered by a federal court to pay over US $5 million in penalties for his misconduct, and has been barred from registering in the securities industry in any capacity.