The Financial Industry Regulatory Authority (FINRA) has barred a former Wells Fargo bank-based broker accused of improperly seeking a coronavirus relief loan.
Tagged with "Wells Fargo"
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Florida Based Broker Barred for Improperly Seeking Virus Relief Loan
Posted on February 16th, 2021 at 10:54 AM
Wells Fargo Shuts Down International Wealth Management Business
Posted on January 25th, 2021 at 4:02 PM
Wells Fargo no longer allows customers who do not meet residency requirements to open a brokerage, Wells Fargo Private Bank, or Abbot Downing account.
Former Morgan Stanley Advisor Files Lawsuit over Deferred Compensation
Posted on January 4th, 2021 at 3:54 PM
Matthew T. Shafer, a former advisor for Morgan Stanley Wealth Management, has filed a putative class action against Morgan Stanley, AdvisorHub reported.
FINRA Arbitrator Finds Wells Fargo Defamed Former Employee
Posted on December 4th, 2020 at 2:45 PM
In November 2020, a FINRA arbitrator found that Wells Fargo defamed a former employee on her Uniform Termination Notice for Securities Registration (“Form U-5”). The
SEC files Charges Against Former Wells Fargo Executives
Posted on December 1st, 2020 at 4:03 PM
The U.S. Securities and Exchange Commission (“SEC”) announced that it had filed charges against John G. Stumpf, Wells Fargo’s Former CEO and Chairman, as well as Carrie L. Tolstedt, former head of Wells Fargo’s Community Bank.
FINRA Suspends Former Wells Fargo Advisor
Posted on November 11th, 2020 at 8:42 AM
Former Wells Fargo advisor, David R. Oakes, agreed to serve a six-month suspension from association with any FINRA member firm in any capacity.
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.
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