FINRA Seeks Information from Former Registered Employees of Wells Fargo

WASHINGTON–(BUSINESS WIRE)–The Financial Industry Regulatory Authority (FINRA) has asked former
Wells Fargo bank employees whose securities registrations were
terminated to contact FINRA if they have concerns about the notice filed
by Wells Fargo regarding their termination. Recent news reports have
highlighted several former Wells Fargo bank employees who believe that
they were terminated from the bank for reporting or refusing to engage
in allegedly fraudulent account-opening activities. Further, the reports
indicate that a subset of these individuals who were also registered
with FINRA to conduct securities activities have raised concerns that
they did not receive a copy of their Form U5 termination notice within
30 days of being terminated as required by FINRA rules, or that their
Form U5 contained inaccurate or incomplete comments related to the
reason for the termination.

FINRA wants to review the facts and circumstances surrounding these
allegations and has created a dedicated phone line and email address for
use by former registered Wells Fargo bank employees to report instances
where they believe there are material issues associated with the
processing of their Form U5, including the accuracy and completeness of
the language filed by Wells Fargo Advisors describing the reason for
termination. Qualifying former Wells Fargo employees can contact FINRA
at (800) 334-0668 or U5review@finra.org.
The dedicated phone line and e-mail address will be available for the
next 90 days. Phone calls will be answered between 9 a.m. – 5 p.m. EST
Monday through Friday; calls received outside of those hours will be
returned.

FINRA, the Financial Industry Regulatory Authority, regulates all
securities firms doing business in the United States. FINRA is dedicated
to investor protection and market integrity through effective and
efficient regulation and complementary compliance and technology-based
services. FINRA touches virtually every aspect of the securities
business – from registering and educating all industry participants to
examining securities firms, writing rules, enforcing those rules and the
federal securities laws, and informing and educating the investing
public. In addition, FINRA provides surveillance and other regulatory
services for equities and options markets, as well as trade reporting
and other industry utilities. FINRA also administers the largest dispute
resolution forum for investors and firms. For more information, please
visit www.finra.org.

Contacts

Financial Industry Regulatory Authority (FINRA)
Nancy Condon,
202-728-8379