Thomas Muldoon Archives - The Industry Spread

Another Regulator has hit a Wells Fargo Trading Unit

September 6, 2019

“These proceedings arise out of a fraudulent scheme carried out by Muldoon, a former Wells Fargo Clearing Services, LLC (‘Wells Fargo’) trader, to evade the retail order period restrictions in municipal bond offerings. Municipal issuers hold retail order periods to prioritize the sale of bonds to retail investors, typically providing retail investors the first chance to obtain bonds in a primary offering.