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Wells Fargo under investigation by DOJ and SEC

With Wells Fargo’s credit card and savings divisions already disciplined by the Federal Reserve over a fake account scandal during which the bank opened bogus accounts on behalf of its customers, federal officials have begun an investigation into Wells Fargo Wealth Management to determine whether Wells Fargo’s investment wing inappropriately sold clients in-house investments using […]

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SEC Charges Rhode Island Agency and Wells Fargo With Fraud in 38 Studios Bond Offering

The Securities and Exchange Commission today charged a Rhode Island agency and its bond underwriter Wells Fargo Securities with defrauding investors in a municipal bond offering to finance startup video game company 38 Studios. The Rhode Island Economic Development Corporation (RIEDC, now called the Rhode Island Commerce Corporation) issued $75 million in bonds for the […]

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Wells Fargo laying off employees of securities unit

In the latest downsizing move by a big bank, Wells Fargo has started cutting jobs this week in its securities unit, including positions in Charlotte according to reporting by The Charlotte Observer. The displaced employees include managing directors – high-level jobs that can draw seven figures in compensation, the sources said. The Wells Fargo unit […]

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Former advisor wins $500,000 FINRA arbitration award against Wells Fargo

A Merrill Lynch investment adviser who handles money for high-profile union pension accounts won a $500,000 arbitration award last month against his former employer whom he had accused of trying to ruin his reputation in the wake of his departure. The victory comes seven years after the adviser was sued in federal court by Wachovia […]

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Wells Fargo Steps Right Up in Compensation ‘Carnival Game’

Wells Fargo is latest to tweak 2015 awards for advisors, making them more complex Financial advisors at the wirehouse firms are facing more complex compensation plans in 2015, compensation experts say. “It is becoming close to being like a carnival game – you have to knock down three cans to get the top-shelf prize,” said […]

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