BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Features/Scandals
- Companies
- Technology/Internet
- Rules & Regulations
- Crimes
- Investments
- Bad Advisors
- Boiler Rooms
- Hirings/Transitions
- Terminations/Cost Cutting
- Regulators
- Wall Street News
- General News
- Donald Trump & Co.
- Lawsuits/Arbitrations
- Regulatory Sanctions
- Big Banks
- People
TRENDING TAGS
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
ABOUT FINANCIALISH
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
SUBSCRIBE FOR
NEWSLETTERS & ALERTS
Prudential Fires Back Against 3 Former Employees
[Illustration: Doug Thompson, U.S. State Dept]
Prudential Financial on Wednesday said 3 former employees who accused Wells Fargo and the insurance firm of fraudulent life-insurance sales tactics were fired for inappropriate conduct, including degrading statements about co-workers, according to court documents.
The three former Prudential employees sued the insurance company last month alleging wrongful dismissal. That wrongful-dismissal suit, filed in a state court in New Jersey, alleged that some of the same sales tactics may have occurred with Prudential life-insurance policies sold through self-service kiosks in Wells Fargo branches and on the bank’s website. [See Financialish 12/12/16 story: Wells Fargo Scandal Hits Prudential as Whistle-Blowers Sue]
The 3 fired employees worked in Prudential’s “Corporate Investigations Department,” which examines fraud against the company and internal allegations of fraud. They were part of a Prudential group reviewing whether Wells Fargo employees had signed up customers for insurance without their knowledge, according to their account and Prudential’s filing.
Prudential responded in court Wednesday ... that the trio overstated their involvement in the review, and it denied many aspects of their narrative. The filing says they were terminated because of “inappropriate and unacceptable workplace misconduct having nothing to do with their involvement in the Wells Fargo review.” Prudential cited more than 300 pages of text messages by the plaintiffs and another former Prudential employee in 2015 and 2016 that it said contained “innumerable inexcusable comments ranging from an ethnic slur to profane and degrading statements about supervisors and co-workers.” This fourth unnamed former employee provided the messages to Prudential. Two managers filed an ethics complaint against the three on Nov. 14, based on the text messages, the Prudential filing says.