The US firm has been found guilty by the country’s securities regulator of recommending single-inverse tracker funds without adequate suitability checks.
The Securities and Exchange Commission (SEC) has settled charges against Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network, issuing a US$35m penalty to be distributed among affected investors. According to the US watchdog, the charges include failing to supervise investment advisers and registered representatives who recommended single-inverse exchange-traded fund (ETFs) investments to retail investors, as well as lacking adequate compliance policies and procedures regard
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