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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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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.