BY MURAT KAYALI, Katz Marshall & Banks LLP
On April 3, the Occupational Safety and Health Administration (OSHA) announced that it has ordered Wells Fargo to reinstate and compensate a whistleblower who was terminated after reporting suspected fraudulent acts in 2010.
The whistleblower, whose identity has not been released, is reported to have been a Los Angeles-based bank manager in Wells Fargo’s wealth management division. In 2010, the manager reported two suspected incidents of bank, mail, and wire fraud by two bankers working under his supervision. After he reported the suspected fraud to his superiors and to an ethics hotline, Wells Fargo informed the manager that he had 90 days to find a new position within the company. The manager was unable to find another job at Wells Fargo and was consequently terminated. Since 2010, the whistleblower has been unable to find a position in the banking industry.