The United States Oil Fund LP, the country's largest crude exchange-traded fund, said on Wednesday it received a Wells notice from the U.S. Securities and Exchange Commission.
FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo
The Wells notice states that SEC staff have made a preliminary determination to recommend that the U.S. securities regulator file an enforcement action against USO, United States Commodity Fund LLC and its chief executive officer John Love. USO said in April that it may not be able to meet its investment objective of reflecting the spot prices of oil any longer after U.S. crude oil futures contracts traded in negative territory for the first time in history.
USO said in the filing that the company, USCF and Love maintain that USO’s disclosures and their actions were appropriate.
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