Wells Fargo employees were punished for allegedly stealing funds from customers and refusing to cooperate with the investigation

The Financial Industry Regulatory Authority (FINRA) is banning a former Wells Fargo broker accused of stealing funds from customers.

In an acceptance, waiver and consent letter (AWC), the regulator says former Well Fargo employee Andrew J. Egber violated two FINRA rules when he intentionally ignored requests to cooperate with an investigation.

Last month, Wells Fargo amended Egber’s Form U5, saying the banking giant had launched an internal review due to “allegations of possible theft of customer funds.”

FINRA requires member firms to file a Form U5 to explain the reasons for a former employee’s departure.

On March 29, FINRA said it asked Egber to provide information and documents to shed more light on Wells Fargo’s amended U5 filing. The regulator also says it asked Egber to appear for an official deposition on the same day.

However, according to FINRA, Egber chose to deny both applications.

“During a call 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 requests under Rule 8210, he will not provide the requested information and documents at any time, and he will not appear for an official statement at any time.”

Due to the refusal to cooperate, Egber was prohibited from working with a FINRA member organization “in any capacity,” including office or ministerial functions.

The AWC will also become part of Egber’s permanent disciplinary record and the document will be made available through the regulator’s disclosure program.

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