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SEC fines Wells Fargo $35 million for unsuitable sales of complex products

from Investment News

The Securities and Exchange Commission recently ordered Wells Fargo to pay a $35 million fine for selling complex exchange-traded funds that were unsuitable for the retirement savers who bought them. In its order, the SEC said that from April 2012 through September 2019, Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network recommended that retail investment advisory clients and brokerage customers — many of whom were senior citizens and retirees on limited incomes — add risky single-inverse ETFs to long-term portfolios. more

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