A pair of ex-Wells Fargo advisors allege in a new lawsuit they had been required by their former managers to collect personal information from clients who might be good candidates for the sale of bank products.
The Securities and Exchange Commission Friday penalized Wells Fargo Advisors $35 million for overcharging advisory fees to certain clients who opened accounts prior to 2014 through the end of December 2022.
Seniors tend to own their homes and have strong credit and ample savings, according to the FBI. They’re also less likely to report fraud and tend to be less familiar with technology.
Thanks to a settlement this week, FINRA has punished just one known individual associated with a 2015 product-pushing case in which JPMorgan admitted it breached its fiduciary duty to clients nationwide: a whistleblower.