SAN FRANCISCO--(BUSINESS WIRE)--The Law Offices of Daniel Feder:
The former head of Wells Fargo’s Foreign- Exchange (“FX”) Trading Group filed suit today in San Francisco, California (San Francisco Sup. Court Case No. Court Case #CGC-18-565709, Fowles v. Wells Fargo) alleging that he was subject to retaliation and wrongfully terminated for making complaints over several years to his managers and high-level executives about Wells Fargo’s compensation practices in the FX sales department. According to Simon Fowles’ civil complaint, Wells Fargo’s sales compensation plan for the FX sales department created strong incentives for foreign currency sales team members to make false and misleading representations to customers, to engage in abusive sales practices, and to enrich themselves at the expense of clients.
Fowles worked in various management positions within Wells Fargo’s Foreign Exchange Group from April 1996 until his termination on October 16, 2017. Plaintiff’s complaint alleges that for several years prior to his termination, he made multiple complaints to many members of Wells Fargo’s upper-level management teams about what he perceived were significant risks of illegal activity, mail and wire fraud, unlawful profiteering, and regulatory violations he believed would result from the compensation plan used by Wells Fargo to compensate members of the FX sales team.
Plaintiff alleges that in September of 2017, he informed the Bank’s management team that he intended to inform regulators from the Office of Controller of the Currency (“OCC”) of his complaints about the FX sales compensation plan during the OCC’s audit of the FX Sales and Trading Group starting October 30, 2017 through November 27, 2017. The Bank terminated Plaintiff just weeks before Plaintiff was scheduled to speak with the OCC auditors about his concerns.
Federal prosecutors are investigating Wells Fargo over its FX practices, and have subpoenaed information from the firm. The U.S. Attorney’s Office for the Northern District of California is conducting the investigation.
About The Law Offices of Daniel Feder
The Law Offices of Daniel Feder specializes in representing employees in whistleblower, discrimination, harassment, and class-action litigation.