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Ex-Wells Fargo Rep Barred Over Alleged $800 Debit Card Theft

By Alex Padalka June 12, 2018

Finra has barred a former Wells Fargo Clearing Services representative for allegedly withdrawing $800 from a customer’s account at the company’s affiliate bank without the customer’s authorization, according to a letter of acceptance, waiver and consent posted on the industry self-regulator’s website.

In July 2017, Ruben Gerardo Aleman Escalante allegedly used the customer’s debit card to make two withdrawals on the same day, in the amounts of $500 and $300, from the customer’s checking account at Wells Fargo’s affiliate bank, Finra says. Both transactions were made without the customer’s knowledge or approval, according to the letter of consent.

Escalante had only been in the securities industry since November 2016 when he joined Wells Fargo Clearing Services, Finra says. In February 2017 he became registered with the company as an investment company product and variable contracts representative, according to the letter of consent. Escalante was also dually employed as a personal banker with Wells Fargo’s affiliate bank, Finra says.

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Wells Fargo discharged him in July 2017 after Escalante “requested and accepted a loan from a customer, and made a withdrawal from the customer’s account funds, both in violation of policy,” according to his BrokerCheck profile.

Escalante never registered with another firm, according to Finra.