Wells Fargo to pay $6.5 million to settle SEC charges

An SEC official said in a statement the bank "abdicated its fundamental responsibility" as a dealer by failing to do adequate research.

The SEC also settled with former Wells Fargo Vice President Shawn McMurty for his role in the sales. He agreed to pay a $25,000 fine and is barred from working in the financial industry for six months.

Neither Wells Fargo nor McMurty admitted or denied the SEC's accusations as part of the settlement.