Finra wants to hear from former Wells Fargo bank employees registered via the company’s brokerage who believe they had been fired for reporting — or not engaging in — fraudulent account-opening.
The industry’s self-regulator has set up a dedicated phone line and email address for former employees of the bank. The phone line and email address will be available for 90 days starting December 9, the regulator says in a press release.
The move follows reports that some Finra-registered employees didn’t receive the standard termination notice, known as Form U5, within 30 days of termination as required by the regulator, or that the form had inaccurate or missing information as filed by Wells Fargo Advisors, Finra’s press release says.
Last month, Democratic senators sent a letter to Finra requesting an expedited review of whether any Wells Fargo brokers had been fired for not going along with aggressive cross-selling.
Earlier in November, Finra had said that Wells Fargo had sent more than 600 termination filings of staff working at Wells Fargo’s retail bank but licensed with the regulator via Wells Fargo Advisors. Of those notices, 207 contained information relating to fake accounts, Finra had told congressional staff at the time.
Wells Fargo settled with regulators to the tune of $185 million over revelations that its retail branch employees may have created up to two million fake deposit and credit accounts.