Wells Fargo Employee Sanctioned After Allegedly Stealing Funds From Customers, Refusing To Cooperate With Investigation

The Monetary Business Regulatory Authority (FINRA) is barring a former Wells Fargo dealer who’s accused of stealing funds from shoppers.

In a letter of acceptance, waiver and consent (AWC), the regulator says ex-Nicely Fargo worker Andrew J. Egber violated two FINRA guidelines when he intentionally ignored requests to cooperate in an investigation.

Final month, Wells Fargo amended Egber’s Type U5, stating that the banking big had began an inner assessment over “allegations of doable theft of shopper funds.”

FINRA requires member companies to file a Type U5 to elucidate the explanations behind a former worker’s exit.

On March twenty ninth, FINRA says it despatched Egber a request to supply data and paperwork to shed extra gentle on Wells Fargo’s amended U5 submitting. The regulator additionally says that on the identical day, it despatched a request to Egber to look for an on-the-record testimony.

However FINRA says Egber selected to reject each requests.

“Throughout a name with FINRA workers on April 9, 2024, in e-mail correspondence with FINRA workers on April 11, 2024, and by this settlement, Egber acknowledges that he acquired FINRA’s Rule 8210 requests, he won’t produce the knowledge and paperwork requested at any time, and he won’t seem for on-the-record testimony at any time.”

For refusing to cooperate, Egber has been barred from working with any FINRA member group “in any capability,” together with clerical or ministerial roles.

The AWC will even turn out to be a part of Egber’s everlasting disciplinary file and the doc can be made obtainable by the regulator’s public disclosure program.

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