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Wells Fargo Agrees to $5M SEC Settlement

The SEC found that Wells Fargo “generated large fees by improperly encouraging retail customers to actively trade the products.”

The SEC concluded that the bank’s representatives “did not reasonably investigate or understand the significant costs of the recommendations.”

“It is important that brokers do their homework before they recommend that their retail customers buy or sell complex structured products” – Daniel Michael, Chief of SEC Enforcement Division’s Complex Financial Instruments Unit

Click Here to Read More From ThinkAdvisor

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