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Friday Express: Wells denies CEO change report; AriseBank creator pleads guilty


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Friday Express: Wells denies CEO change report; AriseBank creator pleads guilty

* President Donald Trump is considering to nominate Stephen Moore, who was a senior economist on the Congressional Joint Economic Committee, to the Federal Reserve Board, sources told Bloomberg News.

* Wells Fargo Chair Elizabeth Duke denied a New York Post report saying that the company's board is considering the possibility of hiring Goldman Sach's former president and co-COO, Harvey Schwartz, as its next CEO. In an email to Bloomberg, Duke said CEO Tim Sloan has the "unanimous support of the board."

* Sens. Kevin Cramer, R-N.D., and John Kennedy, R-La., introduced the Freedom Financing Act, which will prohibit financial institutions from denying services to firearms businesses that are compliant with the law, American Banker reports.

* Former AriseBank CEO Jared Rice Sr. admitted to scamming $4.2 million from investors in a fake initial coin offering, pleading guilty to one count of securities fraud, Dallas News reports.

* Securities America is facing a lawsuit for allegedly ignoring red flags and failing to supervise its former broker, Hector May, who ran a Ponzi scheme resulting in $18 million in losses for the plaintiff, InvestmentNews reports.

* Policyholders of Economical Insurance Group have voted in favor of the company's demutualization.

* Insurance company Premia Holdings is in talks with AmTrust Financial Services to purchase parts of London-based insurance broker AmTrust at Lloyd's that are not being sold to Swiss insurer Canopius, The Insurance Insider reports.

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