Saturday 20th April 2019

Securitization & Mortgage Audit

Securitization Audit & Mortgage Related Blog

Wells Fargo fired whistleblower for complaints about incentives to mislead: lawsuit

The former head of beleaguered San Francisco-based bank Wells Fargo’s foreign exchange group claims he was fired weeks before he was to tell federal regulators about incentives that encouraged employees to “make false and misleading representations to customers, to engage in abusive sales practices, and to enrich themselves at the expense of clients.”

That’s according to the legal firm representing him in a lawsuit filed Thursday in San Francisco County Superior Court.

Wells Fargo declined to comment.

Simon Fowles alleges that he was terminated after years of making complaints to his managers and high-level executives about goings-on in the foreign exchange sales department. He had told bank management he planned to tell the U.S. Office of Controller of the Currency about the incentives, and was sacked “just weeks before” he was scheduled to talk to the regulators, his law firm said.

Fowles claims he had warned management of “significant risks of illegal activity, mail and wire fraud, unlawful profiteering, and regulatory violations he believed would result from the compensation plan used by Wells Fargo to compensate members of the FX (foreign exchange) sales team,” according to the San Francisco law firm of attorney Daniel Feder.

Read on.

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