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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