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


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."
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Comments (9)
  • Ted Bear
    , contributor
    Comments (676) | Send Message
     
    Boy! That will sting!
    4 Jun 2013, 12:26 PM Reply Like
  • gwynfryn
    , contributor
    Comments (5866) | Send Message
     
    Come off it; it's just a drop in the ocean!
    4 Jun 2013, 12:40 PM Reply Like
  • mphill47
    , contributor
    Comments (588) | Send Message
     
    This is some of the silliest stuff I've ever heard of. I want my Ma Ma !
    Give me my $$ back !
    4 Jun 2013, 12:40 PM Reply Like
  • MexCom
    , contributor
    Comments (3056) | Send Message
     
    Why is this news ? Found penny in dog doo doo - now would be news!
    4 Jun 2013, 12:48 PM Reply Like
  • Jonnybegood
    , contributor
    Comments (13) | Send Message
     
    what year was the penny?
    4 Jun 2013, 12:54 PM Reply Like
  • medzjohn
    , contributor
    Comments (403) | Send Message
     
    The penalty may be tepid but the principle is sound. Banks, as trustees and beneficiaries of the public trust, cannot lead unsophisticated investors into unsafe products.
    4 Jun 2013, 01:57 PM Reply Like
  • gwynfryn
    , contributor
    Comments (5866) | Send Message
     
    Well med, actually they can (but maybe they shouldn't?)! Oh wait, are you posting in American? That would explain it.
    5 Jun 2013, 08:24 AM Reply Like
  • Bbloomlu
    , contributor
    Comments (307) | Send Message
     
    What about the people that bought Edsels or JDSU at 100 plus a share. How about the tourists who bought part ownership in the Brooklyn bridge!
    5 Jun 2013, 12:01 AM Reply Like
  • gwynfryn
    , contributor
    Comments (5866) | Send Message
     
    What's the problem, Bb? My share of Brooklyn bridge is still safe and sound!
    5 Jun 2013, 08:25 AM Reply Like
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