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Continued: Sage ships big order of energy-saving glass

  • Article by: NEAL ST. ANTHONY , Star Tribune
  • Last update: June 10, 2013 - 3:36 PM

Wells Fargo Advisors, Merrill Lynch fined

The Financial Industry Regulatory Authority, the securities industry cop, last week fined Wells Fargo Advisors and Merrill Lynch a total of $2.15 million and ordered them to pay $3 million-plus in restitution to customers for losses on floating-rate bank loan funds. Such funds are mutual funds that invest in secured senior loans made to borrowers whose credit quality is rated below investment-grade. The funds are subject to significant credit risks.

FINRA found that Wells Fargo and Banc of America brokers (now Merrill Lynch) recommended floating-rate bank loan funds “to customers whose risk tolerance, investment objectives, and financial conditions were inconsistent with the risks.’’ The firms didn’t admit any wrongdoing, but they consented to FINRA’s findings.

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