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- New Law Bans Kaspersky Software from Use in U.S. Government
- I Owned Bitcoin For a Weekend and Here's What I Learned
- SEC Appoints New Chair and Board Members to PCAOB
- FINRA, Georgetown Team Up to Deliver 'Certified Regulatory and Compliance Professional' Program
- FINRA Board Meeting - This Week's Agenda
- Statement on Cryptocurrencies and Initial Coin Offerings - SEC Chair Clayton
- Company Halts Initial Coin Offering Over SEC Registration Concerns
- Kevin O'Leary Explains One Big Thing People Don't Understand About Bitcoin (But Need To)
- CME Bitcoin Futures: A Better Way to Buy (or Short) Bitcoin?
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
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NEWSLETTERS & ALERTS
A Wells Fargo-Like Scandal Brewing at TD Bank
In what could be the ‘second coming’ of the Wells Fargo sales scandal – this time from across the Canadian border – an investigative reporter for CBC News described an environment at Toronto-Dominion Bank where TD employees are under “incredible pressure” to meet “unrealistic” sales goals that has led some to the opening of unauthorized accounts bearing higher fees.
CBC News issued an initial report on Monday that described high-pressure corporate environment at TD Bank, and followed that up with a second scathing report on Friday after hundreds of bank employees came forward with stories of pressure to ‘upsell’ customers.
TD Bank issued a statement denying the accuracy of the report and saying it does not reflect the experience of most of its employees. Nevertheless, the stock market responded with a sell-off of TD Bank, with shares closing down over 5% - its biggest one-day drop since 2009.
CBC REPORTS THAT LAWS WERE BROKEN. CBC investigative reporter Erica Johnson writes about the “firestorm of reaction” from TD employees across the country, who describe a “pressure cooker environment they say is ‘poisoned’, ‘stress inducing’, ‘insane’ and has ‘zero focus on ethics’."
Among the improprieties noted in the so-called testimonies:
- Failure to tell customers about unauthorized changes to their accounts.
- Unauthorized increases to credit lines.
- Unauthorized increases to overdraft protection amounts.
- Unauthorized increases to credit card limits.
- Unauthorized switching of customers to accounts with required minimum balances.
- Investing clients’ savings into unsuitable funds.