Daily Archives: June 26, 2018

Wells Fargo accused of misconduct again

Wells Fargo is once again being accused of misconduct, this time because it allegedly used complex financial investments to take advantage of mom-and-pop investors.

The Securities and Exchange Commission said on Monday that between 2009 and 2013, Wells Fargo (WFC) reaped large fees by “improperly encouraging” brokerage clients to actively trade high-fee debt products that were intended to be held to maturity.

Wells Fargo Advisors, the bank’s brokerage division, agreed to pay a $4 million penalty over its handling of the products, known as market-linked investments. The bank must also return $930,377 of ill-gotten gains — plus $178,064 of interest.

Read here