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Wells Fargo fined in NJ widow’s arbitration case

A securities regulator has fined Wells Fargo for failing to turn over documents in a case where a former stockbroker allegedly bilked a 55-year-old widow and mother of three out of her life savings, The Post has learned. In an unusual move, a Financial Industry Regulatory Association arbitration panel has ordered the scandal-plagued consumer bank to cough up a hefty daily fee until it produces documents detailing trades made by one of its former brokers. The broker, Leonard Kinsman, has been accused of squandering a $2.25 million insurance settlement awarded Robin Fratto of Freehold, NJ, after her husband died unexpectedly in 2011. But rather than hand over Kinsman’s trading records, Wells Fargo has racked up a bill of $200 a day s ...
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