{"id":3670,"date":"2016-06-03T00:00:00","date_gmt":"2016-06-03T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/06\/securities_cases_stephens_inc"},"modified":"2022-07-22T08:44:26","modified_gmt":"2022-07-22T13:44:26","slug":"securities-cases-stephens-inc","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-stephens-inc\/","title":{"rendered":"Securities Cases: Stephens Inc. to Pay $900K Fine, FINRA Bans Ex-Wells Fargo Broker, And Former State Street Executive is Accused of Charging Hidden Fees"},"content":{"rendered":"<p><strong>SEC Files Fraud Charges Against Former State Street Executive<\/strong><br \/>\nThe U.S. Securities and Exchange Commission is filing<a href=\"https:\/\/www.stockbroker-fraud.com\"> fraud charges<\/a> against ex-State Street Corp. (STT) executive Ross McClellan. According to the regulator, McLellan was one of a number of people who purposely charged hidden markups on certain transactions to customers, making the bank $20M in extra revenue. <\/p>\n<p>Addressing the charges, McLellan\u2019s lawyer claims that his client did not commit any securities law violations and that all banks charge client markups on bond transactions to make money. The attorney also noted that it was State Street and not the bank that profited from the charges. <\/p>\n<p>The U.S. Department of Justice has charged McLellan with securities fraud, conspiracy, and wire fraud. \n <\/p>\n<p><strong>Ex-Wells Fargo Broker to Be Barred<\/strong><br \/>\nChristopher John Pierce, a former Wells Fargo &amp; Co. (WFC) broker, will be barred from working with any FINRA-registered firm and associating with any member of the self-regulatory organization. Pierce agreed to the bar after he was accused of stealing money from the accounts of banking customers. <\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-stephens-inc\/#more-3670\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC Files Fraud Charges Against Former State Street Executive The U.S. Securities and Exchange Commission is filing fraud charges against ex-State Street Corp. (STT) executive Ross McClellan. According to the regulator, McLellan was one of a number of people who purposely charged hidden markups on certain transactions to customers, making the bank $20M in extra [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3739,3741,3836],"tags":[2721],"class_list":["post-3670","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-finra","category-securities-fraud","category-wells-fargo","tag-state-street"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities Cases: Stephens Inc. to Pay $900K Fine, FINRA Bans Ex-Wells Fargo Broker, And Former State Street Executive is Accused of Charging Hidden Fees &#8212; Investor Lawyers Blog &#8212; June 3, 2016<\/title>\n<meta name=\"description\" content=\"SEC Files Fraud Charges Against Former State Street Executive The U.S. Securities and Exchange Commission is filing fraud charges against ex-State Street &#8212; June 3, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-stephens-inc\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities Cases: Stephens Inc. to Pay $900K Fine, FINRA Bans Ex-Wells Fargo Broker, And Former State Street Executive is Accused of Charging Hidden Fees &#8212; Investor Lawyers Blog &#8212; June 3, 2016\" \/>\n<meta name=\"twitter:description\" content=\"SEC Files Fraud Charges Against Former State Street Executive The U.S. Securities and Exchange Commission is filing fraud charges against ex-State Street &#8212; June 3, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Securities Cases: Stephens Inc. to Pay $900K Fine, FINRA Bans Ex-Wells Fargo Broker, And Former State Street Executive is Accused of Charging Hidden Fees &#8212; 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