The Financial Industry Regulatory Authority (FINRA) is barring a former Wells Fargo broker who’s accused of stealing funds from clients.
In a letter of acceptance, waiver and consent (AWC), the regulator says ex-Well Fargo employee Andrew J. Egber violated two FINRA rules when he deliberately ignored requests to cooperate in an investigation.
Last month, Wells Fargo amended Egber’s Form U5, stating that the banking giant had started an internal review over “allegations of possible theft of client funds.”
FINRA requires member firms to file a Form U5 to explain the reasons behind a former employee’s exit.
On March 29th, FINRA says it sent Egber a request to produce information and documents to shed more light on Wells Fargo’s amended U5 filing. The regulator also says that on the same day, it sent a request to Egber to appear for an on-the-record testimony.
But FINRA says Egber chose to reject both requests.
“During a call with FINRA staff on April 9, 2024, in email correspondence with FINRA staff on April 11, 2024, and by this agreement, Egber acknowledges that he received FINRA’s Rule 8210 requests, he will not produce the information and documents requested at any time, and he will not appear for on-the-record testimony at any time.”
For refusing to cooperate, Egber has been barred from working with any FINRA member organization “in any capacity,” including clerical or ministerial roles.
The AWC will also become part of Egber’s permanent disciplinary record and the document will be made available through the regulator’s public disclosure program.
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