In a statement announced by Iowa Attorney General Tom Miller, Wells Fargo has agreed to pay $575 million to state attorney generals in all 50 states in order to resolve claims against the bank for violations of consumer protection laws relating to the opening of millions of fake accounts as well as other fraudulent activities.
Former Wells Fargo broker, John G. Schmidt of Ohio has been charged with 128 felony counts, including 124 counts of forgery, in connection with perpetrating a $1 million Ponzi scheme.
FINRA Enforcement continues to issue Rule 8210 inquiries to former investment bankers at Wells Fargo who had allegedly violated the firm’s dinner expense reimbursement policy.
Wells Fargo has announced its 2019 compensation plan for the firm’s 9,400 financial advisors. According to the compensation plan, Wells Fargo will continue to guarantee its financial advisors 50% payouts of all fees and commissions produced after hitting monthly hurdles.
According to a recent report issued by industry consultant Cerulli; independent broker-dealers (IBDs) have posted the highest compound annual growth rate in the last five years in comparison to any other type of broker-dealer.
FINRA Enforcement continues to issue Rule 8210 inquiries to former investment bankers at Wells Fargo who allegedly violated the firm’s expense reimbursement policies with respect to reimbursement requests for dinner expenses.
Wells Fargo Advisors has reported that 152 advisors have left the firm in the third quarter of this year. Those third-quarter losses bring the total number of departing advisors to more than 1,000 since September 2016.
In June, approximately a dozen female executives in Wells Fargo’s management division gathered in Scottsdale, Arizona to discuss their frustration over how the firm has handled issues relating to gender discrimination and gender inequality. 12 out of the 45 female regional managers of Wells Fargo’s wealth management division attended the meeting.
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.
The U.S. Department of Justice (DOJ) has announced that Wells Fargo Bank has agreed to pay $2.09 billion to end allegations of misrepresentations to investors between 2005 and 2007 after the bank had ramped up its subprime lending ahead of the financial crisis.
