informa
Quick Hits

Regulators Question Wells Fargo Regarding Data Breach

Scrutiny a result of a lawyer's unauthorized release of sensitive information on tens of thousands of wealthy Well Fargo customers.

Wells Fargo again finds itself embroiled in controversy after an attorney releases the names, social security numbers, and account balances for 50,000 of the institution's wealthier customers, according to a report in Bloomberg.

The Financial Industry Regulatory Authority has contacted at least one attorney to learn more about the mishap, how it occurred, and why Wells Fargo did not detect the snafu, the report notes. The data breach occurred when an attorney representing Wells Fargo sent the sensitive documents to another attorney who was representing a client who was suing a managing director of the bank.

When the sensitive documents were sent, it was done without a confidentiality agreement between the parties or a protective order, Bloomberg reports. The plaintiff in the case, Gary Sinderbrand, a former Wells Fargo Advisors managing director, is suing Steven Sinderbfrand, his brother and also a Wells Fargo managing director, over allegations he is owed approximately $870,000 in unpaid consulting fees.

Read more about the Wells Fargo breach here.

Recommended Reading: