Former Wells Fargo advisor, David R. Oakes, agreed to serve a six-month suspension from association with any FINRA member firm in any capacity.
Tagged with "Wells Fargo"
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Class Action Lawsuit against Wells Fargo Will Proceed
Posted on April 23rd, 2020 at 4:54 PM
In a class action lawsuit filed against Wells Fargo for its role in an alleged Ponzi scheme, a judge ruled that Plaintiffs had alleged sufficient facts to support two of their claims. Plaintiff’s claims that Wells Fargo aided and abetted fraud and also aided and abetted a breach of fiduciary duty will be allowed to proceed. A third claim alleging negligence by Wells Fargo was dismissed.
Target-Date Funds Face Major Market Test
Posted on March 16th, 2020 at 1:13 PM
The market correction last week caused target-date funds to drop, resulting in up to 10% negative returns. However, market commentators argue that performance is far better than what happened to target-date funds in 2008. Funds last week saw just a 30% decrease in negative returns compared to 2008.
Wells Fargo to pay $79M over advisor comp lawsuit
Posted on February 6th, 2020 at 5:14 PM
Wells Fargo doesn't expect any disruption to its advisor compensation program following a major class-action settlement led by a former advisor who sued to recover deferred compensation that he said the firm improperly withheld from him when he left to launch his own practice.
Wells Fargo ‘fabricated’ investigation into advisors, arbitration panel says
Posted on January 22nd, 2020 at 4:34 PM
Three former Wells Fargo advisors’ termination records must be expunged after the firm “fabricated investigatory findings” and ousted them, an arbitration panel ruled this month.
Former Wells Fargo Advisors Team Wins Sweeping Expungement of Their Forms U-5
Posted on January 22nd, 2020 at 4:09 PM
On January 15th, a FINRA arbitration panel in Indianapolis recommended expungement of Forms U-5, finding that Wells Fargo Advisors Financial Network (“Wells Fargo”) had disaffiliated with a team of financial advisors “as a result of fabricated investigatory findings.”
Wells Fargo Agrees to Settle SEC Allegations of Misrepresenting a $75 Million Bond Offering
Posted on March 22nd, 2019 at 1:59 PM
Wells Fargo Securities has agreed to pay the SEC $812,500 to settle a pending civil lawsuit against the firm which stemmed from allegations that it misled investors in a $75 million bond offering.
79 Investment Firms Agree to Reimburse $125 Million In Fund Fees to Investors
Posted on March 14th, 2019 at 3:48 PM
According to the SEC, 79 investment firms, including LPL Financial, Raymond James, Oppenheimer, and Wells Fargo have agreed to return more than $125 million to investors for failing to report conflicts of interest in their sale of mutual funds.
Wells Fargo Enhances “Sunsetting” Program in an Effort to Maintain Customer Assets and Advisors
Posted on March 12th, 2019 at 9:46 AM
Wells Fargo Advisors has announced that starting April 1st, the firm will provide incentives to young advisors to help them buy books of business from retiring colleagues under its new “Summit” program. As one incentive, Wells Fargo Advisors will offer financing in the amount of 100% of a retiring colleague’s T-12 revenue.
Wells Fargo Launches New RIA Platform
Posted on February 14th, 2019 at 2:36 PM
In a recent press release, Wells Fargo announced the launch of its new service offering to help advisors become RIAs through its multi-channel business model. The goal of the model is to allow for ownership, independence and flexibility, as well as business growth. TradePMR, a privately held brokerage and custodian service provider, would provide middle-office support, while also utilizing First Clearing.
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