The US Oil Fund (USO), the country's largest crude exchange-traded fund, said on Wednesday it received a “Wells” notice from the US Securities and Exchange Commission (SEC) that SEC staff have made a preliminary determination to recommend that the US securities regulator file an enforcement action against USO, US Commodity Fund (USCF) and its CEO, John Love. The notice relates to USO's disclosures in late April and early May on the constraints imposed on its ability to invest in oil futures contracts, the fund said in a regulatory filing.
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