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FINRA to probe Wells Fargo fake-accounts-related dismissals

The Financial Industry Regulatory Authority asked former Wells Fargo & Co. employees registered with the agency to contact FINRA in case of any concerns related to the termination notice filed by the company.

The agency noted that several former Wells Fargo employees reportedly believe that they were terminated for either reporting the alleged fraudulent account-opening activities or for refusing to participate in it. In addition, some former employees did not receive copies of their Form U5 termination notice within 30 days of their dismissal, as per FINRA requirements. Furthermore, some are said to have incorrect information or reason for termination in their termination notices.

The agency plans to investigate these concerns and has set up a telephone line where former employees can reach the agency.

A few former employees recently sued their managers over pressure to open fake accounts. The plaintiffs claim Lefky Mansi, a Los Angeles area president, and Shabnam Ebrahimi, a district manager, explicitly told employees to "make up a business need" to gain access to accounts, Bloomberg News reported Dec. 8, citing court documents.