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June 29, 2023 at 04:32 PM
Wells Fargo found itself the target of another racial discrimination complaint by an ex-rep on Monday, this time a Black advisor who alleges the firm terminated him and then amended his Form U5 to falsely claim he was under investigation at the time he was fired.
In a complaint filed Monday in St. Joseph Superior Court in St. Joseph County, Indiana, Steven McClatchey of Niles, Michigan, claimed the wirehouse, through its supervisors and staff, retaliated against him after he reported allegations of discrimination at work.
Wells Fargo declined to comment on the complaint on Thursday.
In the complaint, McClatchey described himself as the “only black licensed financial advisor in his area” at Wells Fargo Advisors.
He complained to his supervisor and other employees about the “racial disparity he encountered” while employed by the wirehouse and he was told to work out the issues on his own, according to the complaint.
