The U.S. Securities and Exchange Commission said on Thursday it ordered Wells Fargo & Co to pay $35 million to settle charges it failed to adequately supervise investment advisers who were recommending high-risk products.
Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network failed to supervise investment advisers who recommended single-inverse exchange-traded funds (ETFs). The advisers recommended the investments to customers with conservative or moderate risk tolerances, including senior citizens and retirees, the SEC said in a filing.
