SEC fines Wells Fargo Advisors over investment sales

(Reuters) - The U.S. Securities and Exchange Commission on Monday said Wells Fargo Advisors LLC (WFC.N) agreed to pay more than $5.1 million to settle charges of misconduct in the sale of so-called market-linked investments to retail investors.

Wells Fargo was accused of generating large fees at the expense of investor returns by improperly encouraging customers to actively trade the products, even though they were intended to be held to maturity.

The payout includes a $4 million civil fine, plus the return of ill-gotten gains and interest. Wells Fargo did not admit or deny wrongdoing, the SEC said.