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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- 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
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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.