Wells Fargo Terminates Investment Bankers Amid Violations of its Expense Policy

Posted on September 4th, 2018 at 4:29 PM
Wells Fargo Terminates Investment Bankers Amid Violations of its Expense Policy

From the Desk of Jim Eccleston at Eccleston Law LLC:

Wells Fargo Securities has fired or suspended more than a dozen employees for allegedly violating the firm’s expense policy by doctoring receipts to allow them to expense meals.

More specifically, investment banking employees took advantage of Well Fargo’s policy, which reimburses staffers for food that they order when they have to stay late at the office on deals and other assignments for clients. Moreover, Well Fargo will not reimburse an employee for dinner after a 6:30 p.m. cutoff time.

Recently, executives within the investment-bank division learned that employees allegedly altered the time stamps on emailed receipts earlier than the policy allowed when they regularly placed dinner orders through delivery services like Grubhub Inc.’s Seamless or Square Inc.’s Caviar.

Although the initial investigation occurred in Well Fargo’s San Francisco office, the firm widened its investigation to all offices throughout the country.

The attorneys at Eccleston Law defend advisors against inquiries, investigations, and disciplinary actions initiated by firms, FINRA, and the SEC, including cases where an employee is terminated for expense receipt violations. Please contact our law firm at 312.332.0000 for a free consultation.

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.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, wells fargo, investment bankers

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