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Wells Fargo settles with SEC
The SEC has announced it has settled charges against Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network for failing to reasonably supervise investment advisers and registered representatives who recommended single-inverse ETF (exchange-traded fund) investments to retail investors, and for lacking adequate compliance policies and procedures with respect to the suitability of those recommendations. The SEC ordered Wells Fargo to pay a $35 million penalty, which will be distributed to harmed investors.