WASHINGTON (MarketWatch)– Wells Fargo & Co. on Tuesday agreed to pay more than $6.5 million to settle charges with the Securities and Exchange Commission that the firm’s brokerage unit improperly sold investments tied to mortgage-

Forgery in Chief

backed securities without understanding their complexity or disclosing the risks to investors. The SEC said the money will be placed into a fund for the benefit of harmed investors. “Municipalities and other non-profit institutions were harmed because Wells Fargo abdicated its fundamental responsibility as a broker to have a reasonable basis for its investment recommendations to customers,” said Elaine Greenberg, chief of the SEC Enforcement Division’s Municipal Securities and Public Pensions unit.

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