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Stories of Interest
- Billionaire Investor John Paulson's Hedge Fund Is 'Rightsizing', And a Bunch of Senior Staff are Leaving
- 10 Years Ago a Wall Street Firm With $400Bn in Assets Collapsed. Why Bear Stearns Could Happen Again
- FINRA Disciplinary Actions for March 2018
- Ex-Deutsche Bank Trader Pleads Guilty Over Euribor Rigging
- SEC Proposes Transaction Fee Pilot for NMS Stocks
- FINRA Board of Governors Meeting - March 2018
- Winklevoss Twins Have a Plan to Police Cryptocurrency Trading
- Trump Picks Larry Kudlow as New Top Economic Adviser, Source Says
- A Decade On, Was Bear a Bad Deal for JPMorgan?
- Theranos, Its CEO and Former President Charged With Massive Fraud
- Wall Street's ‘Diva of Distressed’ Throws Her Funds Into Bankruptcy
- How a Former NBA #1 Draft Pick Went From $61Mn Fortune to Owing $157K
- Foreign Affiliates of KPMG, Deloitte, BDO Charged in Improper Audits
- Trump Fires Secretary of State Tillerson - Picks CIA Director Pompeo
- Credit Karma, Pre-IPO FinTech Company, Violated Rule 701 Disclosure Requirements - SEC
- Goldman Sachs' Schwartz Retires, Paves Way for Solomon as Next CEO
- Damning Emails: Trump's Lawyer Used Trump Organization Email in Hush-Money Negotiations with Porn Star Stormy Daniels
- 'Pharma Bro' Martin Shkreli Sentenced to 7 Years In Prison - Says 'This is My Fault'
- FINRA Investor Alert: Lost Property - Don't Be Escheated Out of Your Savings or Investments
- Analyst Dick Bove Calls Possible Blankfein Exit from Goldman 'Wonderful' News
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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.