Wednesday, August 18, 2010, 8/18/2010 10:56:00 AM

Departing Wells Fargo Vice-President Accused of Looting Data and Clients

By Todd

The complaint in a recently filed federal suit is linked when you click on the title of this blog post above.

As you'll read, Wells Fargo accuses Glenn Frank of lots of bad things - including, interestingly, intentionally lying to clients and telling them that the bank had a secret plan to invest client funds in bank vehicles without the clients' consent.

Not shocking is the report regarding Mr. Frank's resignation, effective immediately, at 4:43 p.m. on a Friday. That's how they routinely roll in that industry, buh-bye on a Friday when managers are out sailing or golfing and sometimes not tending to the store.

This one will presumably end up in arbitration before FINRA but we'll report whether the federal court in Massachusetts thinks the story told is nefarious enough to issue an injunction against Mr. Frank.


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