Wells Fargo & Co. will pay more than $6.5 million to resolve U.S. Securities and Exchange Commission claims that a brokerage unit and former employee sold complex securities without disclosing risks to investors.

The brokerage now known as Wells Fargo Securities improperly sold asset-backed commercial paper structured with mortgage-backed securities and collateralized debt obligations to municipalities, non-profits and other customers during 2007, the SEC said today in a statement announcing the settled administrative proceeding. The San Francisco-based bank didn't get sufficient information about the securities and relied almost exclusively on credit ratings, the SEC said.

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