Wells Fargo To Pay $6.5 Million For Peddling Complex Financial Products To Non-Profits

Wells Fargo will pay $6.5 million to settle charges that it peddled complex financial products to non-profits and municipalities without fully disclosing their risks. The Securities and Exchange Commission said that the bank “abdicated its fundamental responsibility” by not fully researching how dangerous the products were before selling them. Under the terms of the settlement, Wells Fargo does not have to admit any wrongdoing, making this the latest in a long line of SEC settlements allowing big banks to escape responsibility for bilking clients.