The Financial Industry Regulatory Authority (FINRA) suspended former Wells Fargo broker George J. Cairnes for four months and fined him $25,000 for engaging in unapproved real estate outside business activity, according to a settlement letter issued.
Wells Fargo & Co. recently issued a $2,000 bank-wide award to its 215,000 employees, following the Federal Reserve’s June decision to lift its asset growth restrictions.
Investors who alleged that Wells Fargo aided and abetted a real estate Ponzi scheme have asked a California federal judge for permission to proceed with a $3.75 million settlement.
A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Wells Fargo to pay $987,300 in compensatory damages to a former Credit Suisse advisor for aiding and abetting Credit Suisse.
Wells Fargo has agreed to pay $32.5 million to settle a class-action lawsuit that alleged the firm violated provisions of the Employee Retirement Income Security Act (ERISA).
The Financial Industry Regulatory Authority (FINRA) has suspended a former Wells Fargo advisor for allegedly completing several trades on behalf of a client without obtaining consent.
UBS Wealth Management is seeking a temporary restraining order (TRO) against two former advisors who recently joined Wells Fargo and allegedly sent a video message to solicit their former clients.
The U.S. Department of Labor (DOL) and other federal agencies are probing Wells Fargo & Co.’s 401(k) plan, according to the firm’s most recent SEC 10-k regulatory filing.
Senate and House lawmakers have criticized the Financial Industry Regulatory Authority (FINRA) Dispute Resolution over the fairness of its arbitration system after a judge recently determined that a FINRA arbitration panel was biased against an investor claimant in 2019.
A Georgia Superior Court judge has vacated an arbitration award that Wells Fargo had obtained nearly 3 years ago involving a client who sued the firm for mismanaging his account and, in doing so, has rocked the industry with sweeping, serious allegations of misconduct and conspiracy.
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The crypto market’s recent downturn erased nearly $20 billion in leveraged positions within hours and half a trillion dollars in market value over a single weekend.
UBS Group AG has begun liquidating two invoice finance funds with direct exposure to First Brands Group, marking one of the earliest moves by a major financial institution to contain the fallout from the bankrupt auto-parts supplier’s collapse, as reported by Bloomberg Law.
Federal prosecutors have intensified scrutiny of the long-running collapse of GWG Holdings Inc., unveiling criminal charges against Bradley Heppner, the former chair of both GWG and Beneficient.
