Wells Fargo is once again being accused of misconduct, this time because it allegedly used complex financial investments to take advantage of mom-and-pop investors.
The Securities and Exchange Commission said on Monday that between 2009 and 2013, Wells Fargo (WFC) reaped large fees by "improperly encouraging" brokerage clients to actively trade high-fee debt products that were intended to be held to maturity.
Wells Fargo Advisors, the bank's brokerage division, agreed to pay a $4 million penalty over its handling of the products, known as market-linked investments.
The bank must also return $930,377 of ill-gotten gains — plus $178,064 of interest.
Over the past two years, Wells Fargo has been caught up in a series of scandals over how the bank treats its account holders, borrowers and employees.
In its statement, Wells Fargo said that it "previously made policy and supervision changes related to this matter to improve internal controls."
Wells Fargo noted that just two of its financial advisers were identified by the SEC as having "engaged in a systematic practice of soliciting customers."
Still, it's not the first time Wells Fargo Advisors has found itself in trouble.
Last year, the SEC accused the division of pushing clients into dangerous volatility investments that were almost guaranteed to lose them money, while telling them it was a good way to protect their portfolios.
Warren Buffett is an American business magnate, investor, and philanthropist who serves as the chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth of US$84 billion as of June 3, 2018, making him the third wealthiest person in the world.
From this day June 25, 2018 to Warren Buffett's birthday (8/30/18) is a span of 66 days.
Curse = 66. Dialectic = 66. Mankind = 66. Misconceptions = 66. Misdirection = 66. Multiplication = 66.
law and disorder = 66. Number of the Beast. secret societies = 66. thirty three = 66
Bitches = 66. Woman = 66.
It is also a span of 2 months and 5 days, like 25; 2 months and 6 days, like 26 counting the end date.
Trick = 25. Cursed = 25. Demons = 25. Devil = 25
On the bottom right hand corner, you will see that it is a span of 9 weeks and 3 days, like 93; 94 counting the end date.
Puppet = 94. Scripted = 94. Terror = 94
Date numerology: 6/25/2018 = 6+25+2+0+1+8 = 42
as scripted = 42. Architect = 42. History =42. Knowledge = 42. War = 42. Zionism = 42
Date numerology: 6/25/2018 = 6+25+20+18 = 69
Financial is the word of the day!
And there has been a string of other scandals from which Wells Fargo has struggled to recover.
The bank has admitted to opening millions of fake accounts, forcing auto borrowers to pay for insurance they didn't need and charging homebuyers for mortgage fees they didn't deserve. Regulators fined Wells Fargo $1 billion for the insurance and mortgage practices.
In February, the Federal Reserve slapped Wells Fargo with unprecedented sanctions for "widespread customer abuses." The sanctions prevent Wells Fargo from growing beyond $2 trillion in assets until it cleans up its act. The bank recently said it expects the Fed penalties to remain in place until next year.
*I've been noticing numbers / dates etc. where 93 / 226 are emphasized, have shown to reflect an unfortunate tribute of some sort.
two hundred twenty six = 93
Saturn = 93
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