Wells Fargo Faces New Investigation
From the Desk of Jim Eccleston at Eccleston Law LLC:
Massachusetts Secretary of the Commonwealth, William Galvin, has announced that he is opening a probe into Wells Fargo's wealth management division. Secretary Galvin has stated that the inquiry is necessary to determine if Wells Fargo sold inappropriate investments to its clients and if it steered them into high-cost advisory accounts.
More specifically, Secretary Galvin asserted that his office will determine if Wells Fargo Advisors made unsuitable product and retirement planning recommendations, as well as examine Wells Fargo’s potential reverse churning, a practice of placing investor funds in a fee-based account for no reason other than to collect fees.
Secretary Galvin’s announcement comes more than 18 months since Wells Fargo’s banking division went through its own scandal where it had allegedly opened millions of fee-bearing bank accounts in clients' names without their knowledge.
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