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Wells Fargo (WFC) agrees to pay more than $6.5M to settle SEC charges it sold investments tied...

Wells Fargo (WFC) agrees to pay more than $6.5M to settle SEC charges it sold investments tied to MBS without understanding their complexity or disclosing the risks to investors. $6.5M? Is that a typo?
Comments (5)
  • MadAsHellAnd
    , contributor
    Comments (207) | Send Message
     
    The SEC is and for many years has been clearly inept.

     

    Or on the take. Whatever the reason, they have failed the people.
    14 Aug 2012, 12:45 PM Reply Like
  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    I agree, it must be a typo. Just like police departments all over the country have taken to balancing their books by handing out speeding and parking tickets right and left, the SEC needs to crank up the collections. 6.5 mil won't pay for even part of Michele's entourage on her next junket.
    14 Aug 2012, 01:07 PM Reply Like
  • Scott & Kim
    , contributor
    Comments (5) | Send Message
     
    Well the thing to do there is don't speed or park illegally. And nor would the 6.5mil pay for even one day of the two wars that Bush/Cheney left us in three years ago. also it's not like Laura B. never took a trip, right?
    14 Aug 2012, 05:57 PM Reply Like
  • MadAsHellAnd
    , contributor
    Comments (207) | Send Message
     
    From the source. Doesn't look like a typo. Ooh, $25,000, whoop de doo.

     

    "Wells Fargo agreed to pay a $6.5 million penalty, $65,000 in disgorgement, and $16,571.96 in prejudgment interest. McMurtry agreed to be suspended from the securities industry for six months and pay a $25,000 penalty."
    14 Aug 2012, 06:38 PM Reply Like
  • QuantRec
    , contributor
    Comments (438) | Send Message
     
    What does this 'fine' go to? Why not have most of it go back to people scammed by the scammers?
    15 Aug 2012, 02:22 PM Reply Like
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