Tagged with "Wells Fargo"

FINRA Suspends Ex-Wells Fargo Advisor Over Outside Brokerage Accounts

Posted on October 5th, 2021 at 1:32 PM
FINRA Suspends Ex-Wells Fargo Advisor Over Outside Brokerage Accounts

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.

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Recent Deal Making Raises Question: What is Wells Fargo Advisors Worth?

Posted on September 30th, 2021 at 12:32 PM
Recent Deal Making Raises Question: What is Wells Fargo Advisors Worth?

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.

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FINRA Suspends Former Wells Advisor Over Outside Brokerage Accounts

Posted on September 16th, 2021 at 1:06 PM
FINRA Suspends Former Wells Advisor Over Outside Brokerage Accounts

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.

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Investors Allege Wells Fargo Aided and Abetted Ponzi Scheme

Posted on September 3rd, 2021 at 2:10 PM
Investors Allege Wells Fargo Aided and Abetted Ponzi Scheme

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.

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Former Wells Fargo Advisor Wrongfully Applied for SBA Loan, FINRA Alleges

Posted on August 3rd, 2021 at 2:57 PM
Former Wells Fargo Advisor Wrongfully Applied for SBA Loan, FINRA Alleges

The Financial Industry Regulatory Authority (FINRA) has fined ex-Wells Fargo advisor, Kenric Sexton, $2,500 and suspended him for one month.

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Wells Fargo to Remove Some Restrictions in Customer Arbitration Agreements

Posted on June 2nd, 2021 at 11:16 AM
Wells Fargo to Remove Some Restrictions in Customer Arbitration Agreements

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.”

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Former Wells Fargo Advisor Barred by FINRA For Raising $3.5 Million for Software Company

Posted on March 9th, 2021 at 2:04 PM
Former Wells Fargo Advisor Barred by FINRA For Raising $3.5 Million for Software Company

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. 

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Florida Based Broker Barred for Improperly Seeking Virus Relief Loan

Posted on February 16th, 2021 at 10:54 AM
Florida Based Broker Barred for Improperly Seeking Virus Relief Loan

The Financial Industry Regulatory Authority (FINRA) has barred a former Wells Fargo bank-based broker accused of improperly seeking a coronavirus relief loan.

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Wells Fargo Shuts Down International Wealth Management Business

Posted on January 25th, 2021 at 4:02 PM
Wells Fargo Shuts Down International Wealth Management Business

Wells Fargo no longer allows customers who do not meet residency requirements to open a brokerage, Wells Fargo Private Bank, or Abbot Downing account.

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Former Morgan Stanley Advisor Files Lawsuit over Deferred Compensation

Posted on January 4th, 2021 at 3:54 PM
Former Morgan Stanley Advisor Files Lawsuit over Deferred Compensation

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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