Wells Fargo wants mistakenly sent client data returned

Information includes names, Social Security numbers of tens of thousands of wealthy clients.
JUL 25, 2017

Wells Fargo, which says one of its outside lawyers mistakenly misdirected a staggering 1.4 gigabytes of sensitive information about tens of thousands of its wealthy clients, wants the information returned. The bank has asked judges in New York and New Jersey to require that the attorneys representing a former employee return the information they received in error from Angela Turiano, an attorney at Bressler Amery Ross, who represents the bank in the case. The electronic files contain client names, Social Security numbers, account balances and other sensitive information. According to Reuters and The New York Times, which reported the data breach last week, the bank's attorney sent the data to lawyers for former Wells Fargo employee Gary Sinderbrand in response to a New Jersey court case involving a dispute between Mr. Sinderbrand and his brother, also a former Wells Fargo employee. Gary Sinderbrand, who is involved in a parallel lawsuit against his brother and Wells Fargo in New York state court, has not shared the information publicly. New York and New Jersey have ethics rules that require lawyers to notify the other party if they receive information that "was inadvertently sent," Reuters said. In a letter to New York Supreme Court Judge Charles Ramos, Mr. Sinderbrand's New York attorney, Aaron Zeisler, wrote that he notified Ms. Turiano on July 20 about the information, but that Wells Fargo's attorneys have not yet described which documents they want returned. The documents and spreadsheets containing client information were originally provided to Aaron Miller, Mr. Sinderbrand's lawyer in the New Jersey case, who later shared knowledge of what the documents contained with Mr. Zeisler.

Latest News

Texas man says SEC and fund could make him pay twice
Texas man says SEC and fund could make him pay twice

A $141M judgment and a federal asset freeze collide over one shrinking pool

Osaic executives Kristy Britt and Greg Cornick to leave
Osaic executives Kristy Britt and Greg Cornick to leave

The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.

Estate planning becomes a client retention issue for financial advisors, survey finds
Estate planning becomes a client retention issue for financial advisors, survey finds

Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.

Candidly adds AI agents for Trump Accounts, workplace benefits
Candidly adds AI agents for Trump Accounts, workplace benefits

CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.

BMO adds three advisors in Dallas amid Y'all Street wealth boom
BMO adds three advisors in Dallas amid Y'all Street wealth boom

The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.

SPONSORED Who builds the income when the pension disappears?

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

SPONSORED Why direct indexing stopped being optional

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.