BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Wall Street News
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- General News
- Donald Trump & Co.
- Regulatory Sanctions
- Big Banks
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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
DOL to Wells Fargo: Pay $575K and Reinstate Whistleblower
by Howard Haykin
For a second time in 3 months, the Department of Labor has ordered Wells Fargo to compensate and rehire a whistleblower who had been fired after raising concerns over the opening of customer accounts without their knowledge.
On Friday afternoon, the DOL ordered Wells Fargo to pay $575,000 to, and rehire, the unnamed whistleblower who had been fired in 2011. In April, Wells Fargo was ordered by the DOL to pay $5.4 million to a former manager who said he was fired in 2010 after reporting to supervisors and to a bank ethics hotline what he suspected was fraudulent behavior. In April, the bank indicated that it planned to appeal the DOL decision.
While some might view these two judgments as forming a pattern of unfair terminations, an investigative report by the bank's board of directors stated otherwise. The report, released 4/10/17, said that "based on a limited review completed to date," outside law firm Shearman & Sterling had "not identified a pattern of retaliation" against employees in Wells Fargo's branch banking unit who complained about sales pressure or practices.
Nevertheless, it would not be a surprise for several more cases involving unfair terminations to arise.