Bank of America Corp. and Wells Fargo & Co. were ordered to pay about $5.2 million in fines and restitution by the Financial Industry Regulatory Authority over sales of loan funds.

Brokers at units of the two banks recommended funds that invested in floating-rate debt to customers who weren’t 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 San Francisco-based Wells Fargo was ordered to pay a $1.25 million fine and about $2 million in restitution.

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