The Profit Formula division of Wells Fargo has been around for decades and became a part of Wells Fargo as a part of its acquisition of Wachovia in 2008. The advisors in the program receive payouts of about 75%, far beyond payouts of other branch brokers, but like most independent brokers they are responsible for much of their overhead and other expenses.
After leaving Wells Fargo, the new Merrill Lynch broker soon faced allegations of misappropriation of Wachovia’s confidential documents and files. The plaintiff Wells Fargo asserted six causes of action against the broker as a result of his resignation and following employment with Merrill Lynch.
Wells Fargo currently faces allegations that its employee deferred-compensation plans are in violation of Texas state laws.
Almost 250 ‘Relationship Managers’ and hundreds more operations personnel and executives at Credit Suisse US Private Bank officially may become part of Wells Fargo.
Almost 250 ‘Relationship Managers’ and hundreds more operations personnel and executives at Credit Suisse US Private Bank will officially become part of Wells Fargo.
Eccleston Law is pleased to announce an expungement of a customer claim filed in arbitration.
FINRA handed out some hefty fines to financial firms in 2014. Click to see 10 of the biggest fines handed out this year, presented in order of the amount of the fine.
Wells Fargo Advisors has agreed to pay $7.42 million to settle a class action claim that the firm wrongly withheld incentive compensation from two former advisers and a certified class.
FINRA has fined 10 firms a total of $43.5 million for allowing their equity research analysts to solicit investment banking business and for offering favorable research coverage in connection with the 2010 planned initial public offering of Toys R Us.
FINRA has barred a former Wells Fargo broker, Michael Frew, with orchestrating a promissory note scheme.
If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.
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.
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.
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.
