June 25, 2018
Posted June 26, 2018
Wells Fargo Advisors settled charges with the SEC related to improper sales of market-linked investments. Wells Fargo allegedly gained large fees by encouraging its customers to actively trade the market-linked investments when in reality those investments were intended to be held until maturity. This strategy served only to increase Wells Fargo’s fees and reduce the return investors received. As a result of the settlement, Wells Fargo agreed to return the $930,377 in ill-gotten gains, pay $178,064 in interest, and pay a $4 million penalty. SEC
Tagged in: Securities Fraud,