(Bloomberg) -- Bank of America Corp. and Wells Fargo & Co. were fined by FINRA sales of loan funds.
Brokers at units of the two banks recommended funds that invested in floating-rate debt to customers who werent looking for risky deals, the industry-funded regulatory group said today in a statement. Bank of America was fined $900,000 and ordered to reimburse $1.1 million in losses, while Wells Fargo was ordered to pay a $1.25 million fine and about $2 million in restitution.
Neither bank admitted nor denied the charges, FINRA said. Phone calls to Bank of America and Wells Fargo seeking comment werent immediately returned.