Law and legal issues

The rare move to set aside the regulator’s ruling came more than a decade after the rep ran into trouble by adding notes about his client into a software program.

The dispute highlights the complicated nature of non-solicitation carve-outs when advisors switch firms.

It’s complicated, but possible, to limit risk and liability when moving a practice.

The legal tussle represents the latest effort by a brokerage firm to enforce non-solicitation agreements against advisors.

Beverley Schottenstein accused the bank and the brokers of unauthorized trading of “multiple auto-callable structured notes and various other securities,” among other alleged misconduct.

The troubled alts manager’s charges will trigger many more arbitration proceedings and potential regulatory cases, plaintiff attorneys say.

The lawsuit claims the no-fee brokerage preys on inexperienced and unsophisticated investors

Wealth managers acting as “downstream broker-dealers” allegedly made $187 million in commissions and other selling fees on GPB Capital investments.

The work-from-home phenomenon has triggered a fresh frustration for U.S. corporations: Americans are blowing the whistle on their employers like never before.

The bank allegedly made “hundreds of millions of dollars” by investing client assets in underperforming proprietary and affiliated funds without disclosing conflicts to clients.

The “commission free” trading app did not disclose that it collects payment from market makers in exchange for executing trades, according to the lawsuit.

The popular trading app omitted information about its payment for order flow practice, the regulator says.

An employee who left in 2018 said she experienced a barrage of racial and sexual antagonism while at the firm, such that “it is not possible to list all of the comments and conduct in one document."

Two women employees at the firm’s Newport Beach, California office say they were demoted after reporting instances of bias and harassment.

Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.

But the regulator also ordered record payouts in 2020, including restitution through a self-reporting program that drew industry ire.

Although in-person hearings aren’t banned outright, none have taken place since the onset of the coronavirus pandemic.

He allegedly told his employer that he had been diagnosed with cancer, and took medical leave from June until September. Wells Fargo notified him that he was being let go while he was away, according to the complaint.

The former J.W. Cole advisor’s practice allegedly sold more than $40 million worth of unsuitable and unregistered promissory notes.

Firms' legal brawls with departing advisors don’t exactly enhance their stature among clients. But there's reason to think this may become a thing of the past, writes recruiter Mark Elzweig.