Tagged with "Wells Fargo"

UBS, Wells, Other Firms Ordered To Pay $9.5 Million After 529 Savings Plan Sweep

Posted on December 28th, 2021 at 1:10 PM
UBS, Wells, Other Firms Ordered To Pay $9.5 Million After 529 Savings Plan Sweep

The Financial Industry Regulatory Authority (FINRA) agreed to a settlement with at least five investment advisory firms including UBS Wealth Management, Wells Fargo, LPL Financial and MML Investor Services for nearly $9.5 million regarding college savings plan sales violations.

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Former Wells Fargo Advisor Suspended For Unauthorized Bitcoin Purchase

Posted on December 17th, 2021 at 1:42 PM
Former Wells Fargo Advisor Suspended For Unauthorized Bitcoin Purchase

The Financial Industry Regulatory Authority (FINRA) has issued a $10,000 fine and suspended former Wells Fargo advisor, Johan Pereira, for seven months after a client hired him to assist with investing in bitcoin.

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Wells Fargo Fined $3.1 Million As FINRA Completes UIT Sweep

Posted on December 15th, 2021 at 1:15 PM
Wells Fargo Fined $3.1 Million As FINRA Completes UIT Sweep

The Financial Industry Regulatory Authority (FINRA) has completed an expansive 5-year sweep of Unit Investment Trust (UIT) sales, which has prompted six firms to pay $16.8 million in restitution payments as well as $6.6 million in fines.

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FINRA Bars Former Wells Fargo Advisor James Seijas Over Alleged Ponzi Scheme

Posted on November 11th, 2021 at 1:59 PM
FINRA Bars Former Wells Fargo Advisor James Seijas Over Alleged Ponzi Scheme

The Financial Industry Regulatory Authority (FINRA) has barred a former Wells Fargo advisor who allegedly conducted a Ponzi scheme. 

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SEC Charges Former Wells Fargo Advisor Kenneth Welsh With Misappropriating Nearly $3 Million

Posted on November 2nd, 2021 at 1:30 PM
SEC Charges Former Wells Fargo Advisor Kenneth Welsh With Misappropriating Nearly $3 Million

The Securities and Exchange Commission (SEC) has charged a former New Jersey-based Wells Fargo advisor with misappropriating nearly $3 million from clients to allegedly purchase gold coins and cover credit card debts.

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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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LATEST NEWS AND ARTICLES

March 11, 2025
Former CNBC Analyst Pleads Guilty to $2.7 Million Securities Fraud Scheme

James Arthur McDonald Jr., a former financial advisor and frequent CNBC guest analyst, has agreed to plead guilty to securities fraud, admitting to defrauding investors out of at least $2.7 million, as reported by ThinkAdvisor. The felony charge carries a maximum sentence of 20 years in federal prison.

March 10, 2025
Wells Fargo and Merrill Lynch Settle SEC Charges Over Cash Sweep Program Policies

The Securities and Exchange Commission (SEC) has announced settlements with Wells Fargo Clearing Services LLC, Wells Fargo Advisors Financial Network LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated over allegations that they failed to implement proper policies and procedures for their cash sweep programs.

March 7, 2025
FINRA Orders $8.2 Million in Restitution for Mutual Fund Customers

FINRA has directed Edward Jones, Osaic Wealth, Inc., and Cambridge Investment Research, Inc. to pay more than $8.2 million in restitution to customers harmed by failures to provide mutual fund sales charge waivers and fee rebates.