Podcast Center
Video Center
Webcasts
Resource Center
Events
By 
November 24, 2020 at 01:08 PM
A Wells Fargo branch office. (Photo: Bloomberg)
A Financial Industry Regulatory Authority arbitrator recently ruled against Wells Fargo Advisors in a dispute with one of its former advisors, who had alleged that comments made by WFA in her Form U5 filing were defamatory.
Wells Fargo declined to comment Tuesday, after John D. Mattingly, the sole public arbitrator asked to resolve the dispute, said the bank was indeed liable and must pay Amy Kaler Webster some $30,000 in attorney’s fees.
Webster was a rep with Wells Fargo from June 2007 until March 25, 2020, when the firm said it “discharged” her, according to FINRA BrokerCheck records. She is currently a rep for Atlanta, Georgia-based Register Financial.
Webster was “discharged by” Wells Fargo Bank after a bank investigation reviewed complaints received from two bank customers alleging the customers were enrolled in renter’s instance policies for which the banker received sales credit without the customers’ authorization, the bank claimed.
Advisor’s Arguments
The advisor denied the clients’ allegations.
In a statement on her disclosure, Webster said part of her role as senior wealth management private banker at the firm was to “refer customers to an authorized third party contracted by Wells Fargo for customers interested in renters insurance.”
