Wells Fargo Divisional Head Vanderveen Steps Down

Posted on January 7th, 2022 at 12:23 PM
Wells Fargo Divisional Head Vanderveen Steps Down

From the Desk of Jim Eccleston at Eccleston Law:

One of eight regional directors monitoring Wells Fargo Advisors’ private client group departed the firm last week after a leave of absence that lasted several weeks. 

According to a Wells Fargo spokeswoman, Keith Vanderveen has retired after spending the past two decades in management roles at the firm. Vanderveen had been promoted to be Southeast divisional manager last March. According to BrokerCheck, Vanderveen previously served as regional president for Wells’ Florida territory prior to March. 

Vanderveen likely ran into issues after a fired complex manager in Florida, Joseph Bruno, submitted a 4,500-word letter critiquing Vanderveen to at least 250 Wells employees and senior executives last September, according to sources familiar with the matter and as reported by AdvisorHub. While the firm did not publicly address the letter, the potential for controversy might have prompted Vanderveen to accelerate his retirement plans. Bruno was terminated last August over “workplace conduct inconsistent with Company standards relating to professionalism and anti-retaliation”, according to his Form U-5 termination notice. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, wells fargo

Return to Archive

TESTIMONIALS

Previous
Next

You are the best attorneys in the country.

CC

LATEST NEWS AND ARTICLES

May 8, 2025
All 50 States Now Aligned on Annuity Sales Standards

The annuity industry officially has secured uniformity in sales regulations across all 50 states.

May 7, 2025
Jury Finds Investment Advisor Liable for Failing to Disclose Annuity Commissions

A federal jury in Massachusetts has found investment adviser Jeffrey Cutter and his firm, Cutter Financial Group, liable for violating federal securities law by failing to disclose significant upfront commissions and conflicts of interest related to an annuity replacement scheme.

May 6, 2025
SEC Charges Three Individuals in $284 Million Arizona Sports Complex Bond Fraud by Legacy Cares

The Securities and Exchange Commission has filed a civil enforcement action against Randall “Randy” Miller, Chad Miller, and Jeffrey De Laveaga for allegedly defrauding investors in two municipal bond offerings that raised $284 million.