You would think that if Wells Fargo was so compelled that with its lobbying powers and bought and paid for politicians that it could move Congress to design better laws to protect elderly. Wells Fargo’s meager PR attempt is paled by their encouragement and acceptance to take retirees’ signatures as co-signers for their children… Not to mention what they have done to America’s pension funds!
Not waiting for regulators — including state-government agencies — to expand protection of senior customers, Wells Fargo has decided to allow its brokers to interfere, even if the action could lead to lawsuits, Financial Advisor magazine writes.
Regulators certainly seem to be looking into ways to curb elder abuse. Finra launched a senior help line in April and — according to Gerri Walsh, head of Finra’s Investor Education Foundation — has already received 1,000 calls from brokerage clients as well as executors and beneficiaries of estates, reports the magazine.
But Wells Fargo is preparing to tackle the issue. Appearing at a Practising Law Institute seminar last week, Wells Fargo managing counsel Beverly Jo Slaughter said the firm’s brokers will be able to stop transactions if they suspect fraud — regardless of whether they have legal authority — even at the risk of getting sued, Financial Advisor reports.
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