The Monetary Trade Regulatory Authority (FINRA) is barring a former Wells Fargo dealer who’s accused of stealing funds from purchasers.
In a letter of acceptance, waiver and consent (AWC), the regulator says ex-Effectively 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 Kind U5, stating that the banking big had began an inside overview over “allegations of doable theft of consumer funds.”
FINRA requires member companies to file a Kind U5 to clarify the explanations behind a former worker’s exit.
On March twenty ninth, FINRA says it despatched Egber a request to supply info and paperwork to shed extra mild on Wells Fargo’s amended U5 submitting. The regulator additionally says that on the identical day, it despatched a request to Egber to seem for an on-the-record testimony.
However FINRA says Egber selected to reject each requests.
“Throughout a name with FINRA employees on April 9, 2024, in electronic mail correspondence with FINRA employees 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 may even change into a part of Egber’s everlasting disciplinary file and the doc will probably be made accessible via the regulator’s public disclosure program.
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