By George C. Miller of Shustak Reynolds & Partners, P.C. posted on Friday, March 1, 2019.

George C. Miller

Partner

Location: San Diego, California
Phone: (619) 696-9500 (Ext. 105)
Direct: (619) 501-8270
Email: [email protected]

As the latest in the seemingly endless flow of regulatory problems at Wells Fargo, the firm is reportedly engaged in preliminary settlement talks with the U.S. Department of Justice and Securities and Exchange Commission concerning alleged improper sales practices, potentially within the company’s wealth management units.  

According to recent Wells Fargo regulatory filings, regulators are reviewing the same type of sales conduct previously at issue in the firm’s record-breaking, $185 million settlement with the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and the Office of the Los Angeles City Attorney.  That settlement involved Wells Fargo’s aggressive “cross-selling” tactics which resulted in the firm’s opening of millions of unauthorized bank and credit card accounts.  Specifically, Wells Fargo disclosed that it “has [] engaged in preliminary and/or exploratory resolution discussions with the Department of Justice and the SEC, although there can be no assurance as to the outcome of those discussions.”  The Wall Street Journal previously reported that the DOJ and SEC had been investigating Wells Fargo’s wealth management division since at least March 2018.

Shustak Reynolds & Partners, P.C.’s San Diego securities and FINRA lawyers, Irvine FINRA lawyers, Los Angeles FINRA lawyers, San Francisco FINRA lawyers and New York FINRA lawyers represent registered representatives, financial advisors, investment advisors, financial institutions and others in a wide variety of securities-related disputes, including broker protocol disputes and non-compete, restrictive covenant and trade secret litigation.  The firm’s financial services attorneys, FINRA attorneys and broker protocol lawyers have extensive experience handling intra-industry employment, recruitment and broker transition disputes, including golden handcuff and forgivable promissory note disputes.  The firm’s FINRA attorneys are uniquely experienced in handling FINRA employment disputes involving promissory notes, allegations of misappropriation of trade secrets or broker protocol violations.  Partner George C. Miller is based in the firm’s San Diego offices and can be reached at 619.696.9500. 

Shustak Reynolds & Partners, P.C.  focuses its practice on securities and financial services law and complex business disputes. We represent many broker-dealers, registered representatives, investment advisors, investors and businesses. 

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