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- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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NEWSLETTERS & ALERTS
Wells Fargo Ordered to Reinstate Whistleblower and Pay Him $5.4Mn
The Department of Labor’s OSHA unit (Occupational Safety and Health Administration) announced that Wells Fargo must reinstate a former bank manager who lost his job after reporting suspected fraudulent activities at the bank. The bank must pay the unnamed individual $5.4 million – comprising back wages, compensatory damages and attorneys fees.
According to the federal regulator, Wells Fargo ‘abruptly’ forced the manager to leave his Los Angeles branch in 2010 after he reported to superiors that he suspected two of his subordinates of committing bank, mail and wire fraud. The manager also called the bank’s ethics hot line. OSHA concluded that the manager’s whistleblowing was at least a contributing factor in his firing.
According to OSHA, the manager had previously received positive job performance appraisals, but in 2010 he was told he had 90 days to find a new job at the bank after being dismissed as a manager. He was unable to do so and was terminated, and has not found work in banking since.
A spokesperson for Wells Fargo, who said the bank would fight OSHA’s order, noted that the bank manager worked in the wealth management group and not the community bank, which is the epi-center of the bank’s sales and account scandal. [Financialish: and how does that matter?]
In any event, while Wells Fargo awaits its opportunity to have a full hearing on the OSHA order, it must nevertheless immediately offer the fired manager his job back.