Wells Fargo ordered to reimburse investment clients $3.4M over sales practice issues

The Financial Industry Regulatory Authority ordered Wells Fargo & Co.’s clearing services and Wells Fargo Advisors Financial Network to pay customers $3.4 million in restitution for sales practice issues related to “unsuitable recommendations” of certain investment products. Between July 2010 and May 2012, FINRA said some Wells Fargo brokers recommended customers buy volatility-linked, exchange-traded products “without fully understanding their risks and features,” and that the bank lacked…

from Charlotte Business News - Local Charlotte News | Charlotte Business Journal https://www.bizjournals.com/charlotte/news/2017/10/16/wells-fargo-investment-clients-3million-sales.html?ana=RSS%26s=article_search