sec whistleblower attorneys
February 27, 2020
Wells Fargo Clearing Services, LLC, Wells Fargo Advisors Financial Network, LLC
Trading and Pricing
SANCTION AMOUNT: $35000000
Defendants: Wells Fargo Clearing Services, LLC, Wells Fargo Advisors Financial Network, LLC
In a settled administrative proceeding, the SEC found that Respondents' policies and procedures were not reasonably designed to detect and prevent unsuitable recommendations of high-risk single-inverse ETFs to retail investors. As a result, Respondents' employees made such recommendations including to senior citizens and retirees over a period of years.
- Key Docs
- Official SEC press release
