Wells Fargo (WFC) and Bank of America (BAC) have been ordered by Finra to pay more than $3M (not...

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

Wells Fargo (WFC) and Bank of America (BAC) have been ordered by Finra to pay more than $3M (not a typo) to customers who suffered losses after being steered into floating-rate funds in 2007 and 2008. Finra is also tacking on its own $2.15M fine. "As investors continue to look for yield in a low-interest rate environment ... firms need to ensure that investment recommendations are consistent with customers' investment objectives."