A large group of stockbrokers previously with Wells Fargo were “permitted to resign” because of annuity sales practices, according to some of their Brokercheck reports.
According to Ameriprise, approximately 15 of the Bison Financial Group’s 21 brokers have joined it in the past few weeks, all leaving Wells Fargo. The publicly available Brokercheck reports for CEO David C. Vorbeck, President F. Stephen Dunnuck and Lafayette Market Director Stephen R. Wien were all recently amended to state they were each “permitted to resign” by Wells Fargo due to “termination of licensee agreement of certain annuity processes.”
The attached Advisorhub.com article: https://advisorhub.com/wells-fargo-confirms-expulsion-big-indie-team-annuity-violations/ suggests that these 3 brokers at Bison Financial Group were forced out by Wells Fargo due to improperly generating commissions through the switching or churning of certain investment products called annuities. This article further claims that an insider tipped off Wells Fargo about this problem in September of 2016.