More Trouble For Wells Fargo

Wells Fargo & Co. is in the regulatory bullseye again, this time because data from tens of thousands of accounts belonging to wealthy customers of its brokerage unit was mistakenly provided to an attorney. The trouble began with a financial dispute between Gary Sinderbrand, a former managing director at Wells Fargo Advisors, and his brother Steven Sinderbrand. Lawyers for Gary Sinderbrand received client names, Social Security numbers and account balances earlier this month for 50,000 Wells Fargo accounts, including one file with details on the holdings of a “well-known hedge fund billionaire” with at least $23-million invested. The attorneys had been seeking documents related to a disagreement over allegedly unpaid fees for a consulting arrangement Gary Sinderbrand had with his brother.