Tumblr Icon RSS Icon

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

By Pat Garofalo on August 14, 2012 at 2:40 pm

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

Share:

google plus icon

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.

Tags:

‹ PREVIOUS
How Paul Ryan’s Budget Would Further Undermine America’s Crumbling Infrastructure

NEXT ›
Great Recession Pushes American Fertility Rate Below Replacement Level

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.