The Federal Reserve banned six former bank employees, including two previously at Bank of America Corp.’s wealth management unit, from the industry for fraudulently obtaining loans designed to provide economic relief to small businesses during the pandemic.
On Tuesday, the Fed announced the penalties for Autumn Jordan and Manuel F. Pinazo, who previously worked at Merrill Lynch Wealth Management, along with Dedryck O. Carson, Wendy Rodriguez Legon, Michael T. Lemley, and Tracy L. Mallory, who were at Regions Financial Corp.
The regulator said all six former employees applied for assistance under one of the government’s Covid-19 relief programs “based on false and fraudulent representations and used the funds for unauthorized personal expenses.”
The former employees obtained funds through the Small Business Administration’s Covid-19 Economic Injury Disaster Loan program, according to the Fed. Authorities have been trying to crack down on abuses of that federal effort and others.
The individuals didn’t admit or deny the conduct, according to the Fed. A representative for Bank of America declined to comment and a Regions spokesman did not immediately respond. Jordan said in a message that the actions alleged by the Fed were done “fraudulently in my name.” The others named by the Fed either did not respond or could not be reached for comment.
Elsewhere, a Commonwealth team in Massachusetts converts to Cetera, while Janney draws four former Wells Fargo advisors to its Radnor, Pennsylvania office.
Clients say he copied the boss on his emails - and now they can't touch their cash.
He wired millions to his own accounts and told investors the fund was winning.
The partnership arrives as most small business owners near retirement age still don't have a formal succession plan in place.
A spokesperson for the estate planning fintech cited AI's reshaping of the industry as Trust & Will restructures its business.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
