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

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