In August, the U.S. Court of Appeals for the D.C. Circuit rejected a petition for review of a 2013 decision by U.S. Securities and Exchange Commission administrative law judges. The judges barred Raymond J. Lucia and his company from associating with a financial adviser, broker or dealer and revoked the company’s investment adviser registrations.
On Tuesday, the bank, no doubt feeling the pressure from federal lawmakers and others, announced that the independent directors of its Board of Directors have launched an investigation into Wells Fargo’s retail sales practices and related matters. CEO John Stumpf will forfeit his salary and awards -- valued at more than $41 million -- amid the independent investigation.