Wells Fargo has been fined $4m by the US Securities and Exchange Commission (SEC) over encouraging the active trading of market-linked investments (MLIs) between 2009 and 2013. The bank was accused in a complaint filed on Friday that it had encouraged its employees to trade MLIs for their own account at an exchange called Cboe Global Markets. In addition to the fine the firm will be required to return $930,377 from the trades, plus interest of $178,064. Wells Fargo will be required to return $930,377 in ill-gotten gains from the trades and $178,064 in interest, on top of the fine. Wells Fargo neither admitted nor denied the SEC's conclusions as part of the settlement.
Wells Fargo has been fined $4m by the US Securities and Exchange Commission (SEC) over encouraging the active trading of market-linked investments (MLIs) between 2009 and 2013. The bank was accused in a complaint filed on Friday that it had encouraged its employees to trade MLIs for their own account at an exchange called Cboe Global Markets. In addition to the fine the firm will be required to return $930,377 from the trades, plus interest of $178,064. Wells Fargo neither admitted nor denied the SEC's conclusions as part of the settlement.