{mosads}An SEC official said in a statement the bank “abdicated its fundamental responsibility” as a dealer by failing to do adequate research.
The SEC also settled with former Wells Fargo Vice President Shawn McMurty for his role in the sales. He agreed to pay a $25,000 fine and is barred from working in the financial industry for six months.
Neither Wells Fargo nor McMurty admitted or denied the SEC’s accusations as part of the settlement.