Whistleblower Attorney for Financial Advisors, Bank Employees, Fiduciaries, and other Employees

Individuals working in the banking, investment, financial, and related industries often have to balance business pressures with professional, ethical, and legal duties. Most firms are respectful of and responsive to these concerns. However, there are scenarios where a business or manager’s response to a particular concern is wholly inadequate. In other scenarios, a particular manager may encourage employees to engage in illegal or unethical behaviors. In still other situations, the company or corporate culture may improperly emphasize sales and commissions above legal duties.

fiduciary whistleblower

When faced with direct requests to engage in improper acts or systemic pressure or coercion to engage in the same, employees need to protect themselves. Employees need to protect themselves from potential liability from any illegal acts or practices occurring at the company. However, the worker must simultaneously consider his or her employment status at the company and the potential for discipline or dismissal due to nonperformance of potentially illegal or unethical act. Attorney William S. Heyman can help whistleblowers protect themselves from consequences while exposing questionable business or corporate practices. To schedule a confidential consultation with Mr. Heyman, call (410) 305-9287.

Bank Employees Indicate Overly Aggressive Sales Practices at Major Banks

Following reports of management pushing highly aggressive sales tactics at both Wells Fargo and TD Bank, workers should consider what is being asked of them before merely following orders. In a series of recent news reports, employees at TD Bank indicated that managers pressured them to sell more expensive products and services even when a more affordable product or service would meet the client’s needs and goals. Pressure for tellers and others to make sales was further ratcheted up through the use of a points system which set unrealistic goals. Some tellers admitted to opening accounts and signing customers up for services they did not request simply due to the intense pressure to sell. Workers who failed to meet sales goals were reportedly told to reconsider whether they were a good fit for the role.

Financial Advisors and Fiduciaries can Face Pressure to Sell and Earn Commissions

Financial advisors providing retirement and investment advice can also frequently come under intense pressure to place sales and firm profitability above legal and ethical duties. In some cases, the pressure to sell despite a fiduciary or suitability standard may be enforced through a particularly commission-focused compensation structure. The compensation structure may be arranged in such a way as to encourage potential fraud, unjust enrichment, and other illegal activities. For one, the structure may give preferential treatment to sales of particularly lucrative products rather than appropriate financial products.

In other circumstances, individual managers may place intense pressure on advisors and agents to make sales and generate commissions. They may encourage advisors and agents to churn the account or engage in activity intended to generate commissions but no actual benefit for the client.   In other circumstances, managers and salespeople may be tempted to conceal underperformance of investment or sales goals.

Whistleblowers Have Protections under State and Federal Law

Employee whistleblowers often think that the company, HR, and the company’s lawyers will protect them when they bring a whistleblower complaint or otherwise complain about illegal practices. The truth of the matter is that the whistleblower experience can place an employee and an employer in opposition. Since HR and the lawyers for the company represent the business and not the individual employee, disclosures made to these parties can be used against the employee in later internal proceedings or litigation. Thus, it is essential for the employee to have a game plan and secure representation before blowing the whistle.

whistleblower litigation

There are an array of federal and state laws that can provide protection against retaliation by an employer and may even entitle a whistleblower to a reward. Sarbanes-Oxley (SOX), Dodd-Franks, and the regulatory guidance of the Consumer Financial Protection Bureau are but a few of these laws. However, a general awareness of these protections must be accompanied by an ability to strategically utilize and call upon the protections they provide. Working with an experienced lawyer can bring these elements together so that you can proceed strategically.

Work with a Whistleblower Attorney in Maryland

Attorney William S. Heyman can help financial advisors, bank employees, fiduciaries, and other employees meet the challenges presented by company policies and attitudes that encourage fraud and other wrongdoing. To schedule a confidential consultation and put Mr. Heyman’s more than 20 years of experience to work for you, please call the Heyman Law Office  at (410) 305-9287.