BROWSE BY TOPIC
Stories of Interest
- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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.