A former St. Louis-based Wells Fargo advisor has been suspended for three months and fined $2,500 by the Financial Industry Regulatory Authority (FINRA) for holding personal outside brokerage accounts absent the firm’s approval.
Deal-making in the wealth management industry continued this week as The Tiedemann Group and Alvarium Investments have agreed to merge with Cartesian Growth Corp. to create a new firm.
The Financial Industry Regulatory Authority (FINRA) has suspended a former Wells Fargo advisor for three months and issued a fine of $2,500 for allegedly failing to disclose personal outside brokerage accounts to the firm.
A group of investors have filed a proposed class-action suit accusing Wells Fargo Bank of aiding and abetting a multimillion-dollar Ponzi scheme operated by merchant cash advance lender MJ Capital Funding LLC.
The Financial Industry Regulatory Authority (FINRA) has fined ex-Wells Fargo advisor, Kenric Sexton, $2,500 and suspended him for one month.
Wells Fargo CEO Charles Scharf announced to senators that the bank intends to remove “confidentiality restrictions in all types of customer arbitration agreements that have them, thereby increasing the transparency of the arbitration process.”
The Financial Industry Regulatory Authority (FINRA) has barred a Wells Fargo advisor. Scott Reed, an Arizona-based advisor, raised at least $3.5 million without providing Wells Fargo with prior notice or obtaining approval for the transactions.
The Financial Industry Regulatory Authority (FINRA) has barred a former Wells Fargo bank-based broker accused of improperly seeking a coronavirus relief loan.
Wells Fargo no longer allows customers who do not meet residency requirements to open a brokerage, Wells Fargo Private Bank, or Abbot Downing account.
Matthew T. Shafer, a former advisor for Morgan Stanley Wealth Management, has filed a putative class action against Morgan Stanley, AdvisorHub reported.
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Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal recently discussed notable first-of-their-kind enforcement actions that his division has pursued.
The Financial Industry Regulatory Authority (FINRA) has begun an examination sweep of advisors’ involvement with special purpose acquisition companies (SPACs).
The Securities and Exchange Commission (SEC) recently voted to approve a pair of rule changes proposed by Cboe BZX Exchange, Inc. to list and trade shares of new exchange traded-products: the 2x Long VIX Futures ETC and the -1x Short VIX Futures ETF.
