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 large had began an inside evaluate over “allegations of doable theft of consumer funds.”
FINRA requires member corporations to file a Type 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 gentle 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 e-mail correspondence with FINRA employees on April 11, 2024, and by this settlement, Egber acknowledges that he obtained FINRA’s Rule 8210 requests, he won’t produce the data 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 also change into a part of Egber’s everlasting disciplinary file and the doc can be made obtainable by means of the regulator’s public disclosure program.
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