NEW YORK--(BUSINESS WIRE)--
The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (www.nasd-law.com)
announced today that it is investigating Wells Fargo Advisors (“WFA”), a
part of Wells Fargo & Co. (NYSE: WFC), in connection with the
supervision of Michael J. Frew (“Frew”). On May 28, 2014, Frew entered
into a Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, in
connection with allegations of accepting loans from customers or
converting customer funds. In the AWC, Frew consented to a bar from
associating with any FINRA member in any capacity.
According to the AWC, “in February 2014, FINRA began investigating
whether Frew had accepted loans from customers or converted customer
funds. As part of that investigation, FINRA served a Rule 8210 request
dated February 26, 2014 (the `February Request'), seeking information
and documents from Frew. Frew provided a partial but substantially
incomplete and misleading response dated March 11, 2014. On March 13,
2014, FINRA sent a Second Notice to Frew pursuant to FINRA Rule 8210
reminding Frew of his obligation to provide a complete and truthful
response to the February Request. Frew did not respond to the Second
Notice.”
The AWC further stated, “on May 14, 2014, FINRA's Department of
Enforcement sent a Third Notice to Frew pursuant to FINRA Rule 8210
again reminding Frew of his obligation to provide a complete and
truthful response to the February Request. Also on May 14, 2014,
Enforcement served a Rule 8210 request that Frew appear on June 3, 2014,
to provide testimony. On May 20, 2014, Frew informed Enforcement staff
that he would not provide any additional response to the February
Request, and would not appear for testimony on June 3, 2014, or at any
other time.”
From July 2003 to January 2014, Frew was registered with WFA. Under
FINRA Rules, WFA was obligated to properly supervise the activities of
Frew during the time he was registered with the firm. Accordingly, WFA
may be liable for failing to supervise Frew's activities while
registered with the firm.
If you have information relating to this investigation, please contact
Steven D. Toskes or Jahan K. Manasseh of Klayman & Toskes, P.A., at
888-997-9956, or visit us on the web at www.nasd-law.com.
