The Securities Arbitration Law Firm of Klayman & Toskes Investigates Wells Fargo Advisors Relating To The Supervision of Michael James Frew

NEW YORK--()--The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (www.nasd-law.com) announced today that it is investigating Wells Fargo Advisors (“WFA”), a part of Wells Fargo & Co. (NYSE: WFC), in connection with the supervision of Michael J. Frew (“Frew”). On May 28, 2014, Frew entered into a Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, in connection with allegations of accepting loans from customers or converting customer funds. In the AWC, Frew consented to a bar from associating with any FINRA member in any capacity.

According to the AWC, “in February 2014, FINRA began investigating whether Frew had accepted loans from customers or converted customer funds. As part of that investigation, FINRA served a Rule 8210 request dated February 26, 2014 (the `February Request'), seeking information and documents from Frew. Frew provided a partial but substantially incomplete and misleading response dated March 11, 2014. On March 13, 2014, FINRA sent a Second Notice to Frew pursuant to FINRA Rule 8210 reminding Frew of his obligation to provide a complete and truthful response to the February Request. Frew did not respond to the Second Notice.”

The AWC further stated, “on May 14, 2014, FINRA’s Department of Enforcement sent a Third Notice to Frew pursuant to FINRA Rule 8210 again reminding Frew of his obligation to provide a complete and truthful response to the February Request. Also on May 14, 2014, Enforcement served a Rule 8210 request that Frew appear on June 3, 2014, to provide testimony. On May 20, 2014, Frew informed Enforcement staff that he would not provide any additional response to the February Request, and would not appear for testimony on June 3, 2014, or at any other time.”

From July 2003 to January 2014, Frew was registered with WFA. Under FINRA Rules, WFA was obligated to properly supervise the activities of Frew during the time he was registered with the firm. Accordingly, WFA may be liable for failing to supervise Frew’s activities while registered with the firm.

If you have information relating to this investigation, please contact Steven D. Toskes or Jahan K. Manasseh of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at www.nasd-law.com.

Contacts

Klayman & Toskes, P.A.
Steven D. Toskes or Jahan K. Manasseh, 888-997-9956

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