BROWSE BY TOPIC
Stories of Interest
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- 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)
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.