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- Credit Suisse Fully Compliant on Sanctions: CEO
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- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
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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.