Friday, November 25, 2016

Senator Pushes FINRA to Hurry Reviews of Fired Wells Fargo Brokers

Wells Fargo & Co. is facing increasing scrutiny from lawmakers over the potentially wrongful dismissals of financial advisers and other employees who pushed back on questionable practices during the bank's multiyear cross-selling scandal.
The latest salvo comes from Sen. Bob Casey (D., Pa.), who, in a letter Wednesday to the Financial Industry Regulatory Agency, the brokerage industry's self-regulatory body, asked for an expedited review process to determine whether any Wells Fargo employees were unfairly dismissed as retribution for speaking out or not cooperating with aggressive cross-selling tactics, according to the letter reviewed by The Wall Street Journal.
FINRA in response to an earlier inquiry from lawmakers, said that of the 5,300 employees fired during a five-year period, more than 600 from Wells Fargo's wealth-management division had received termination filings known as Form U5s. These forms chronicle the reasons for the dismissals of brokerage employees, and negative justifications can hinder an adviser from gaining employment elsewhere in the industry."

Senator Pushes Finra to Hurry Reviews of Fired Wells Fargo Brokers


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The attorneys of Sallah Astarita & Cox have decades of experience in representation of brokers in expungements and other  U4 and U5 issues. Call them at 212-509-6544 or send an email. for more information on correcting your CRD record

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