The lawsuit alleges that the firm overcharges, sometimes by up to ten times, its “processing fees” in certain accounts, according to the lawsuit.
The complaint also names Wells Fargo & Co., the parent bank of Wells Fargo Advisors, and Wells Fargo Advisors Financial Network, the company’s independent broker-dealer, according to the publication.
He allegedly told the clients that his strategy was safe and successful, the regulator says, but in fact Fixelle used the investors’ funds to cover personal expenses and growing personal debt, according to the SEC.
The lawsuit also alleges that over the years the "American Bankers Association has received reports involving sexual harassment and discrimination" by men at the top levels of the organization, yet allowed those men to remain in power.
Nonetheless, the Finra panel ruled Chilton must pay back Credit Suisse an outstanding loan balance of $18,706, netting him an award of $844,621, InvestmentNews writes.