Awash in scandal, Wells Fargo & Co. has named Michael Roemer, former group head of compliance for Barclays bank, as its new chief compliance officer.
In the most recent probe, the Financial Industry Regulatory Authority announced today that it has ordered Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network to pay more than $3.4 million in restitution to customers who were sold unsuitable products. FINRA said between July 2010 and May 2012 Wells Fargo sold the customers volatile products meant for short-term investment but wrongly represented the products as long-term hedges against a market downturn.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
