Wells Fargo Broker Terminated for Improper Cash Withdrawals

Posted on May 19th, 2020 at 3:09 PM
Wells Fargo Broker Terminated for Improper Cash Withdrawals

From the Desk of Jim Eccleston at Eccleston Law LLC:

Steven Hour Heng was terminated from Wells Fargo Advisors following what Wells Fargo determined to be improper cash withdrawals from his personal bank account. According to the Form U5 filed by Wells Fargo, in December 2019, Heng made six cash withdrawals in an amount that was designed to avoid currency transaction reporting requirements. Under the Bank Secrecy Act, banks are required to report any transactions above $10,000. Heng is disputing Wells Fargo’s characterization of the situation. 

Heng, a 23-year veteran at Wells Fargo, had no previous disclosures on his BrokerCheck report. At the time of his termination, he had $350 million in assets under management. 

Advisors who have been terminated from their broker-dealer should contact Eccleston Law to discuss the options available to them, including negotiation of the language placed on their Form U5 termination notices.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

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