A longtime Wells Fargo broker has sued the firm for allegedly engaging in a pattern of discriminatory conduct that caused him to lose business and career opportunities and his reputation.
In the lawsuit, filed Wednesday in the U.S. District Court for the Southern District of New York, Peter F. Valdez, 64, of Poughkeepsie, N.Y., claimed that because of his age and race, his supervisors and other managers denied him “financial benefits, career advancement opportunities, promotional opportunities, income and client assignments,” and retaliated against him after he complained about his treatment to human resources.
Wells Fargo declined to comment on the lawsuit.
Valdez, who is of Mexican descent, has been with Wells Fargo in Dutchess County since 2002. According to the complaint, he was assigned to the Mid-Hudson market, and his primary duties “were to work at the branch at least four days a week, attend branch meetings, have coaching sessions with the bankers and to work at a Non-Affluent Wells Fargo Branch in Fishkill, New York one day a week.”
He was transferred to the affluent Hopewell Junction branch around December 2018, the complaint said. Things began to change about July 2019 when a private wealth area manager began to direct customer referrals to a younger advisor, which resulted in a loss of earnings for Valdez, the complaint said.
The complaint said Valdez visited the area manager in his Greenwich, Conn., office in October and was told that another supervisor wanted him out of the Hopewell Junction branch “because he was too old” and that the supervisor preferred the younger advisor.
Valdez said the supervisor continued to pass his referrals on to the advisor and others who were younger and also of “non-Hispanic descent.”
The lawsuit said attempts to resolve the situation with human resources were unsuccessful. The complaint also noted that in March 2020 Valdez’s claim of the alleged discriminatory acts against him was escalated to a senior employment investigator with the firm, who took no action and closed the case.
“Plaintiff’s complaints of discrimination was not addressed by Defendant and indeed the adverse treatment of Plaintiff and discriminatory actions of Defendant continued and worsened,” the complaint said.
The lawsuit said Valdez kept up his complaints with human resources, naming other top managers whom he alleged deprived him of meeting with customers at the Hopewell Junction branch. It also said that he also was allowed to only cover one branch in Fishkill, even though Wells Fargo’s policy called for advisors to cover two branches, the complaint said.
The complaint also noted that at a meeting in April 2021, supervisors accused Valdez of being “unprofessional” and “having several outbursts.” To which Valdez responded that he had a “medical event” due to his disability, which were being exacerbated as a result of Defendants’ discriminatory and hostile actions against Plaintiff.”
The complaint noted that Valdez has an epileptic seizure disorder, anxiety and related mental health ailments that Wells Fargo is aware of. As further retaliation, the complaint said, Valdez, a practicing Catholic, was denied taking off Good Friday in May 2021. He also was given an unfavorable 2021 year-end performance evaluation, the complaint said.
Wells Fargo’s “unlawful actions were intentional, willful, malicious, and/or done with reckless disregard to Plaintiff’s right to be free from discrimination based on age, national origin, race and/or ethnicity,” the complaint said.
Valdez’ lawyer, Thomas M. Gambino of Gambino & Demers in Poughkeepsie, N.Y., declined comment because he said Wells Fargo has not yet been served.
Valdez began his career in 1987 with F.D. Roberts Securities Inc., according to BrokerCheck. He worked briefly at several other firms before joining Prudential Insurance Company of America and Pruco Securities in 1990. He moved to HSBC Brokerage in 1996 before joining Wells Fargo Clearing Services.