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- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
- Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed
- The World’s Biggest Wealth Fund Hits $1 Trillion
- At Jefferies, Like Wall Street, Trading Cedes to Banking
- Ex-SAC Trader Who Pleaded Guilty to Insider Trading Just Remembered He’s Innocent
- JPMorgan Turns to Amazon for Retail 'Customer Experience'
- Goldman Sachs Names Ken Hitchner as New Chairman for Asia Pacific
- Judge All but Tosses SEC Case Against ‘Rogue’ Trader And Ex-FBI Informant Guy Gentile
- 'Boys are #1 Among NFL's Most Valuable Teams
- Fake Tax Returns - Your Next Worry After the Equifax Breach
- FINRA DR Recruiting Arbitrators, Mediators at Congressional Black Caucus Conference
- JPMORGAN: Here's who we think will replace Warren Buffett at Berkshire Hathaway
- Mueller to Search Facebook for Russia-Linked Accounts
- Mark Gomes, Market Analyst and Trade Scalper Settles with SEC
- Equifax Waives Credit Lock Fees For Consumers, Amid Criticism
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NEWSLETTERS & ALERTS
Wells Fargo Named in Trade Group Exec's Whistleblower Lawsuit
Robert Trojan, 54, was Chief Executive of the Commercial Finance Association, a banking trade group. The group represents hundreds of banks and other companies involved in structured-finance lending, in which loans are secured by inventories or accounts receivables.
Today, Mr. Trojan is out of work and is suing his former employer for wrongful termination. His federal lawsuit also names Andrea Petro, CFA President and an EVP with Wells Fargo & Co. – which is one of CFA’s biggest and most influential members.
Ms. Petro runs the asset financing division at Wells Fargo.
ACCORDING TO THE LAWSUIT, … Trojan was CEO of the Commercial Finance Association at the time he claims to have learned that the group’s auditors, Freed Maxick. had undisclosed business relationships with CFA members and directors. The nature of the alleged conflicts wasn't specified.
For 3 years, Trojan repeatedly raised his concerns with others, including Andrea Petro – without getting any results. On 1/19/17, Trojan submitted a written complaint about the issue on 1/19/17. The compliant was received by Petro and members of the group's finance and audit committees. One day after the notice was filed, Trojan claims that Petro fired him, "effective immediately." The next day, Petro issued an email telling CFA directors that Trojan had been fired for cause - poor performance. Shortly thereafter, Petro then issued a second email - this time to hundreds of CFA members - saying the termination was related to "the financial underperformance of the CFA."
Trojan seeks $3 million in damages.