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WFC

Wells Fargo

$42.45 /

-1.7 (-3.85%)

18:19
02/27/20
02/27
18:19
02/27/20
18:19

SEC fines Wells Fargo $35M over investment recommendation practices

The Securities and Exchange Commission announced settled charges against Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network for failing reasonably to supervise investment advisers and registered representatives who recommended single-inverse ETF investments to retail investors, and for lacking adequate compliance policies and procedures with respect to the suitability of those recommendations. The SEC ordered Wells Fargo to pay a $35M penalty, which will be distributed to harmed investors. As noted in the SEC's order and reflected in Wells Fargo's internal guidance, when single-inverse ETFs are held for longer than a day, particularly in volatile markets, investors may experience large and unexpected losses. The SEC's order finds that from April 2012 through September 2019, Wells Fargo's policies and procedures were not reasonably designed to prevent and detect unsuitable recommendations of single-inverse ETFs. Further, Wells Fargo failed adequately to supervise its employees' recommendations regarding single-inverse ETFs, and did not adequately train them concerning those products. The order finds that some Wells Fargo brokers and advisers did not fully understand the risk of losses these complex products posed when held long term. As a result, certain Wells Fargo investment advisers and registered representatives made unsuitable recommendations to certain clients to buy and hold single-inverse ETFs for months or years. According to the order, a number of these clients were senior citizens and retirees who had limited incomes and net worth, and conservative or moderate risk tolerances. Reference Link

  • 14

    Apr

WFC Wells Fargo
$42.45 /

-1.7 (-3.85%)

02/24/20 Piper Sandler
Wells Fargo settlement positive, but more work needed, says Piper Sandler
01/28/20
Fly Intel: Top five analyst upgrades
01/28/20 Baird
Wells Fargo upgraded to Neutral at Baird
01/28/20 Baird
Wells Fargo upgraded to Neutral from Underperform at Baird

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