The Financial Industry Regulatory Authority (FINRA) has barred a former Wells Fargo broker accused of stealing customer money.
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 begun an internal investigation following “allegations of possible theft of customer funds.”
FINRA requires member firms to file a Form U5 to explain the reasons behind a former employee’s departure.
On March 29, FINRA says it sent Egber a request to produce information and documents to shed more light on Wells Fargo’s amended U5 filing. The supervisor also says that on the same day it sent a request to Egber to appear for a witness statement.
But FINRA says Egber chose to deny both requests.
“During a telephone conversation with FINRA staff on April 9, 2024, in email correspondence with FINRA staff on April 11, 2024, and through this agreement, Egber acknowledges that he has received FINRA’s Rule 8210 requests. He will not provide the requested information and documents. and he will not appear for deposition at any time.”
Because Egber refused to cooperate, he is barred from working with any FINRA member organization “in any capacity,” including administrative or ministerial functions.
The AWC will also become part of Egber’s permanent disciplinary file and the document will be made available through the regulator’s disclosure programme.
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