Tell us if you’ve heard this before: Wells Fargo employees, insufficiently trained and/or supervised, sold things to customers that the latter neither needed nor understood.

Of course you have! And you’re hearing it again today because, well, it happened again, in both the general and specific senses. Back when it was seen as the paragon of a well-run bank, Wells got rapped for selling levered and inverse ETFs without proper supervision. As we have since learned, Wells was not a well-run bank, and so obviously those improper sales went right on until last year, when the SEC found out about them.

The products are popular with some traders and are intended for daily, tactical trading…. The SEC’s settlement order said Wells Fargo’s employees advised clients from 2012 to 2019 to hold the funds “in many cases for months or years” in accounts, including those investors saving for retirement.

The SEC said the $35 million penalty would be used to compensate clients who had losses and held the funds for more than 30 days.

Wells Fargo to Pay $35 Million to Settle ETF Probe [WSJ]


Image adapted from Flickr User Aranami.

Wells Fargo May Deprive Investors Of Its Peerless Service And Customer Care

But not before drawing one last racial discrimination lawsuit therefrom.

Image adapted from Flickr User Aranami.

Stagecoach Still The Most Impressive Piece Of Technology Wells Fargo Has

In possibly related news, it just set half of its quarterly earnings on fire.

Getty Images

Wells Fargo Back To Being Wells Fargo

That’s two new scandals in as many days, for those keeping score.

Wells Fargo.Insane

Wells Fargo Employees Turn Congress Into The HR Department They Wish They Had

But don’t worry, little stagecoach drivers: Jamie Dimon’s son-in-law is figuring out how to fix all of those broken wooden wheels.

By user Siqbal (Originally uploaded to the English Wikipedia) [Public domain], via Wikimedia Commons

You Didn’t Think Wells Fargo Could Get Away With Just Firing Those Forex Bankers, Did You?

The Justice Department is cooking up a big, fat s**tburger for Tim Sloan & co.