Awash in scandal, Wells Fargo & Co. has named Michael Roemer, former group head of compliance for Barclays bank, as its new chief compliance officer.
In the most recent probe, the Financial Industry Regulatory Authority announced today that it has ordered Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network to pay more than $3.4 million in restitution to customers who were sold unsuitable products. FINRA said between July 2010 and May 2012 Wells Fargo sold the customers volatile products meant for short-term investment but wrongly represented the products as long-term hedges against a market downturn.
