When New Investor-Protection Rules Come Up Short, States Step In

A Nevada investor’s recent victory against her former Wells Fargo broker highlights the efforts by some states to enact tougher investor protections.

Ann De Jong, a 43-year-old emergency room doctor in Las Vegas, hired Wells Fargo in 2018 to manage her savings. She said she asked that the money be managed conservatively, kept mainly in money-market accounts for safety with quick access to cash. But during a bout of volatility, she lost $41,000, or roughly 6% of her portfolio. The broker handling Ms. De Jong’s account had put…

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