Tagged with "Wells Fargo"

Wells Fargo Agrees to Pay $575 Million to 50 State Regulators Over Fake Account Scandal and Other Activities

Posted on January 11th, 2019 at 1:28 PM
Wells Fargo Agrees to Pay $575 Million to 50 State Regulators Over Fake Account Scandal and Other Activities

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.

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Former Wells Fargo Broker Charged with 128 Felony Counts in Connection with Orchestrating Ponzi Scheme

Posted on January 7th, 2019 at 11:51 AM
Former Wells Fargo Broker Charged with 128 Felony Counts in Connection with Orchestrating Ponzi Scheme

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.

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Eccleston Law Receives Favorable Results in Its Defense of Former Wells Fargo Investment Bankers Related to Dinner Expense Reimbursements

Posted on January 3rd, 2019 at 4:52 PM
Eccleston Law Receives Favorable Results in Its Defense of Former Wells Fargo Investment Bankers Related to Dinner Expense Reimbursements

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.

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Wells Fargo Advisors Cuts Payout for Low-Level Producers

Posted on December 18th, 2018 at 9:39 AM
Wells Fargo Advisors Cuts Payout for Low-Level Producers

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.

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Independent Broker-Dealers Continue to Register Large Asset Growth

Posted on December 12th, 2018 at 10:08 AM
Independent Broker-Dealers Continue to Register Large Asset Growth

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.

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Eccleston Law Continues Its Defense of Former Wells Fargo Investment Bankers Related to Dinner Expense Reimbursements

Posted on November 26th, 2018 at 4:00 PM
Eccleston Law Continues Its Defense of Former Wells Fargo Investment Bankers Related to Dinner Expense Reimbursements

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.

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Wells Fargo Loses 152 Advisors Last Quarter

Posted on November 20th, 2018 at 2:37 PM
Wells Fargo Loses 152 Advisors Last Quarter

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.

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A Dozen Female Executives at Wells Fargo Gathered for an Internal Conference to Discuss Gender Bias Within the Firm

Posted on September 6th, 2018 at 10:16 AM

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.

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Wells Fargo Terminates Investment Bankers Amid Violations of its Expense Policy

Posted on September 4th, 2018 at 4:29 PM

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.

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Wells Fargo Agrees to Pay Over $2 Billion To Settle Claims Against the Bank Regarding Residential Mortgage-Backed Securities

Posted on August 3rd, 2018 at 12:00 PM
Wells Fargo Agrees to Pay Over $2 Billion To Settle Claims Against the Bank Regarding Residential Mortgage-Backed Securities

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.

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LATEST NEWS AND ARTICLES

March 12, 2025
GPB Capital Investors May Receive Some Compensation Under Proposed Distribution Plan

GPB Capital Holdings investors have not received returns on their investments since 2018. According to InvestmentNews, after years of litigation, a court-appointed receiver has submitted a plan to return funds to the 17,000 investors who purchased $1.8 billion in GPB limited partnerships.

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.