A former Wells Fargo wealth manager in Washington D.C. has filed suit with U.S. Department of Labor last week that claims that her former company forced her out of her job for cooperating with a company investigation of her former supervisor.
Pamela S. Bolanis, 36, who was the senior vice president of investments in the Sargent Investment Group of Wells Fargo Advisors, filed a whistle-blower complaint with the Labor Department alleging her supervisor, Christopher Sargent, fired her in May for cooperating with Wells Fargo in an investigation of him, according to a report in the Washington Post on July 24.
Well Fargo was performing an internal investigation of her boss's investments, and possible securities violations and suspected insider trading.
Bolanis is seeking damages that include back pay and reinstatement of her contract
Sarbanes-Oxley provides protection for employees of public companies to report activity they consider illegal and unethical.
Bolanis joined Merrill Lynch Wealth Management group in June that's based in Washington D.C.
According to Bolanis' complaint, Wells Fargo officials asked for her help in March 2010 when they suspected that Sargent was placing his elderly clients in risky investments.
In her complaint, Bolanis alleges the company used her information to identify 65 instances where investors over the age of 65 had unsuitable positions.
Bolanis also said she informed the firm of alleged compliance violations, such as Sargent buying prohibited securities and having employees imitate clients on the phone. She said Wells Fargo gave Sargent one year to adjust the accounts, but failed to follow up.
Bolanis said Wells asked her in March 2010 to look into whether Sargent was putting elderly clients in thinly traded penny stocks and micro-caps.
Bolanis in her complaint provided information that was used to identify 65 times where investors over age 65 had unsuitable investment objectives listed.
In the following months, Bolanis told Wells Fargo official of other alleged compliance breaches, including Sargent's buying securities he wasn't supposed to, and suspected insider trading violations.
Bolanis in her complaint said Wells Fargo officials told Sargent to rectify the accounts, something she alleges he never did.
Bolanis also told Wells Fargo officials that as a consequence of providing information she subsequently suffered retaliation, including being excluded from client meetings; having her accounts taken away; defamation; being accused of lying and being told to get psychological help.
In Bolanis' termination notice, signed by Sargent, cited concerns about Bolanis' performance, her treatment of three female colleagues and disagreements about the terms of our employment.