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SEC Imposes $35 Mln Fine On Wells Fargo

The SEC announced settled charges against Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network for failing reasonably to supervise investment advisers and registered representatives who recommended single-inverse ETF investments to retail investors. Wells Fargo agreed to pay a $35 million penalty and distribute the funds to certain clients who were recommended to buy single-inverse ETFs and suffered losses after holding the positions for longer periods.

The SEC found that from April 2012 through September 2019, Wells Fargo's policies and procedures were not reasonably designed to prevent and detect unsuitable recommendations of single-inverse ETFs.

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