Wells Fargo Fined by FINRA for VIX Linked Exchange Traded Products
The Financial Industry Regulatory Authority (FINRA) has fined Wells Fargo Clearing Services, LLC and Wells Fargo Advisors
Financial Network, LLC $3.4 Million as required restitution relative to unsuitable recommendations involving
volatility-linked Exchange Traded Products (ETP’s) and related supervisory failures related to these
investments.
Volatility-linked ETP’s are very complex products, ill-designed for the average investor and were oftentimes
sold by certain Wells Fargo representatives under the mistaken belief that they were proper long-term, hedge
investments for customers’ stock market positions in the event of a market downturn – which they clearly are
not.
We offer a free initial consultation to investors who may have been harmed with the purchase of these
Exchange Traded Products. For a free initial consultation, contact the Law
Offices of Timothy J. O’Connor at (518) 426-7700.
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