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- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
- Saudi Arabia's arrest of Prince Alwaleed 'would be like arresting Warren Buffett or Bill Gates' in the US
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- New York Fed President William Dudley set to announce retirement
- FINRA Arbitration Panel Rules Against ex-LPL Broker in $30Mn Lawsuit vs. Firm
- OOPS! Goldman, JPMorgan, BofA Fail in Pricing an IPO
- Former Merrill Broker Pleads Guilty to Fee Fraud, Faces Up To 25 Years
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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.