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Wells Fargo Compliance Officer Sued By SEC For Altering Document

Wells Fargo Compliance Officer Sued By SEC For Altering Document

Wells Fargo Compliance Officer Sued By SEC For Altering Document 150 150 Rex Securities Law

Washington, DC

An insider trading charge involving Burger King, Wells Fargo Advisors and a former broker has gone from bad to worse.  In September 2012, the Securities & Exchange Commission charged Waldyr Da Silva Prado Neto in an insider trading scheme which reaped over $2 million by trading Burger King Holdings ahead of its acquisition. The SEC said that Wells Fargo compliance missed multiple red flags, including the fact that Mr. Prado and his customers represented the top four positions in Burger King firmwide.

Last month Wells Fargo paid $5 million in penalties to resolve the matter. In January, the SEC ordered Mr. Prado to pay $5.6 million. He has fled to Brazil.

In the recently filed action, the SEC alleges that former Wells Fargo compliance officer Judy K. Wolf is the person who should have spotted the red flags and that she intentionally altered a trading review after she found out that the SEC was bringing insider trading charges based upon her original trading review. By altering the document, Wolf made it appear that she performed a more thorough review in 2010 than she actually had, according to the complaint.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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