U.S. SEC orders Wells Fargo pay $35 million for recommendations of high-risk products

SEC orders Wells Fargo pay $35 million for recommendations of high-risk products

FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011./File Photo

Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network failed to supervise investment advisors who recommended single-inverse exchange-traded funds . The advisors recommended the investments to customers with conservative or moderate risk tolerances, including senior citizens and retirees, the SEC said in an order.

Wells Fargo did not admit or deny the SEC’s findings from Thursday’s order. The $35 million will be distributed to certain people who received the recommendations and suffered losses, the SEC said.“Firms must maintain effective compliance and supervisory programs to ensure that the securities they recommend are suitable for their clients,” Antonia Chion, Associate Director of the SEC enforcement division, said in a statement.

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