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FINRA Looking To Speak With Terminated Wells Fargo Brokers

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, December 15, 2016.

George C. Miller
619.696.9500 ex. 105
[email protected] 

In the wake of Wells Fargo’s fraudulent account scandal, FINRA recently announced it is interested in speaking with former employees of the firm who were terminated and lost their securities registrations.

Certain employees of Wells Fargo Bank were registered with the bank’s sister brokerage firm, Wells Fargo Advisors, LLC. According to a recent FINRA statement, some of those employees reported that their termination was related to their inability or unwillingness to meet the firm’s aggressive cross-selling goals and that, following their termination, they did not receive a Form U5 as required by industry rules. Those advisors, in turn, were concerned that their Form U5 filings may have included inaccurate information which could prevent them from securing alternative employment in the securities industry. Inaccurate or improper disclosures may be removed through the FINRA expungement process, but it can be a costly and time consuming procedure.

Shustak Reynolds & Partners P.C.’s San Diego and Southern California FINRA, SEC and financial services attorneys have extensive experience representing financial advisors and other financial professionals in a variety of securities disputes, including FINRA expungement proceedings, arbitrations, FINRA and SEC investigations and enforcement actions. Contact us today for a confidential consultation.  

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