George Hartzman v Wells Fargo Linkfest so far, Ordered Oldest to Newest

SEC and FINRA Whistleblower Evidence

If Union Bank and Trust in Oxford, NC disclosed Federal Reserve loans Wells Fargo didn't, how did Wells Fargo not violate Sarbanes Oxley?

Rolling Stone's Matt Taibbi on George Hartzman's Whistleblower Filing

Rolling Stone's Matt Taibbi "Secret and Lies of the Bailout"

Wells Fargo's attorney Gregory C. Keating re; Wells Fargo Advisors LLC / Hartzman / 4-3750-13-010

Hartzman versus Wells Fargo Advisors, Part One, including some emails from Rolling Stone's Matt Taibbi

George v $WFC Part One, Scene Two; Hartzman emails to @MTaibbi on $JPM's #JamieDimon, with some Bloomberg's @bobivry

Wells Fargo v Hartzman DOL/OSHA Evidence, with some SARBOX info from Keating's "Retaliation and Whistleblowing"

On Whistleblower Protections and Wells Fargo's violation of George Hartzman's anonymity

Gregory Keating on Qualified Protected Activity Under SARBOX

I was wondering why Wells Fargo's attorney from Littler Mendelson didn't bring up "the right to confidentiality"

"Complaint to a Member of Congress"; ABA..., and Facebook conversations with then US Congressman Brad Miller

At a meeting with US Congressman Howard Coble on Monday, I told him I would be putting this up. BBT included

On SEC Chair Mary Jo White needing to recuse herself from Hartzman v Wells Fargo

Envision "price modeling is not included in Envision's default setting becuase:"

"(a) there are no products represented in Envision, only asset classes which are not associated with fees;

(b) most plans include external assets which are held at other institutions such that the fees for those assets cannot be accurately included..."

Gregory C. Keating
Littler Mendelson
Boston, MA
617.378.6003 direct
gkeating@littler.com
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Mr. Keating's above statements are factually incorrect, and misleading.

Wells Fargo's "Envision is [not] an advisory tool..., but is instead an "information gathering" and discussion generating tool"

"Clients have no expectations that the Envision program provides a guaranteed outcome."

Gregory C. Keaton, attorney for Wells Fargo against George Hartzman
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Section 206 of the Investment Advisors Act of 1940 states "It shall be unlawful for any investment adviser, …to employ any device, scheme, or artifice to defraud any client or prospective client; to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client; or... to engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative."
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A Wells Fargo "Internal Use Only" document "Presenting Envision results that matter" (0211-5064) states "Although it may be unintended and clearly disclosed away, this report will serve as a guarantee (in the eyes of the client) of how reality should unfold. It illustrates what they should have in taxable assets in 2013, their tax bill in 2015 and their net portfolio withdrawal in 2020. No matter how many disclosures that are made, how else would you perceive this report if you were a client?" and "With the Envision process, the job is to focus on what matters: the client’s confidence and comfort in achieving the goals they value most. Presenting results that matter is what creates the confidence and comfort the client desires."

Wells Fargo Advisor's "Presenting Envision results that matter" states "If the client has any doubts about the underlying assumptions, Advisors should be prepared to provide clarity and rationale. Observe that this is based on “IF” the client has doubts about assumptions, which means advisors do not need to burden clients with a detailed explanation of the assumptions if they are not in doubt of your ability to understand their goals and priorities." and "If the client asks you how their confidence is measured, this will require a careful explanation but it should not be focused on mathematics. Instead, the focus should be on the results of the math." And "If you fall into the red, above target zone, you are making needless sacrifices to your lifestyle...," meaning some clients may be spending more than they "should", if investment fees are not included in Envision plan target zone calculations.

Section 36 of the Investment Advisors Act of 1940 states "The Commission is authorized to bring an action...alleging that a person ...is about to engage in any act or practice constituting a breach of fiduciary duty involving personal misconduct in respect of any registered investment company for which such person so serves or acts, or at the time of the alleged misconduct, so served or acted — as ...investment adviser...”

“...the investment adviser … shall be deemed to have a fiduciary duty with respect to the receipt of compensation for services, or of payments of a material nature, paid by such registered investment company… to such investment adviser… An action may be brought … by the Commission...against such investment adviser... who has a fiduciary duty concerning such compensation or payments, for breach of fiduciary duty in respect of such compensation or payments paid by such registered investment company...to such investment adviser or person. …It shall not be necessary to allege or prove that any defendant engaged in personal misconduct, and the plaintiff shall have the burden of proving a breach of fiduciary duty."

From letters sent to Michael Mashburn, SEC and Daniel Stefek, FINRA, from Tasha W. Sheehy, Enforcement Attorney, State of North Carolina Secretary of State

How to Manipulate a Financial Plan: Whistleblower Evidence from George Hartzman

"The overwhelming majority of Envision Plans do not include investment costs."

First Vice President, Product Manager, Financial Services Group Strategic Solutions

Hyatt at the Arch, Partners In Productivity Summit, Firm Initiative Breakout

Saint Louis, MO, in front of 25 to 40 Wells Fargo Financial Advisors

Friday, September 7, 2012

I have taught CPA and Attorney Financial Ethics in North Carolina
for the last 10 years.

I have chosen to speak out for my clients, company, students, family and country
instead of living out a fraud.

My employment at Wells Fargo Advisors was terminated
on Monday, October 8, 2012
in direct retaliation for disseminating whistleblower information.

This issue has gone from Wells Fargo's ethics hot line
through Wells Fargo's executive management and an independent investigator,
to the SEC,
to the Financial Industry Regulatory Authority (FINRA) DC Office of the Whistleblower
to the NC Secretary of State, Securities Division
who investigated and referred this information to Atlanta's FINRA office,
which went back to DC and on to Kansas City's FINRA office,
the region where Wells Fargo Advisors home office is located.

September 24, 2012

From: Luginbill, Jennifer Cc: "Varvel, Bryan"

George: I have received this information you provided.

I will be ensure our assigned examiner also receives the information

to help with his investigation.

Thanks

Jennifer Anne Luginbill

Associate Director

Kansas City District Office

FINRA

120 W. 12th Street, Suite 800

Kansas Ciy, MO 64105

The following shows how financial plans can be manipulated
to sell clients and prospects on new investment ideas
or staying on a current course with a financial adviser.

George Hartzman
President and Chief Economist: Think Professional Education
Former Vice President/Investments
Fundamental Choice Portfolio Manager
Wells Fargo Advisors
Greensboro, North Carolina

This reproducible example involves Wells Fargo's Envision Plans.

Many well known firms do relatively the same thing, only different.



This “Internal Use Only” document states:

"If left at 0%, the Return Discount Rate will not be displayed
on any Envision report pages.

If you choose a Return Discount Rate >0%,
this assumption will be displayed on the Investment Plan Assumptions report page."

Meaning if the "Return Discount Rate", otherwise known as annual Investment Costs
are not included,
the information does not show up in the client presentation, even though other default assumptions do.



This is a comparison of two different Envision Plan’s offered by Wells Fargo Advisors.

"Harold Lynn" has $1,000,000 invested, with an annual investment cost of 2.5%.

Both plans have the same basic data inputs, except the second includes a 2.5% annual investment cost,
which the hypothetical client is currently paying.





These outcomes are repeatable,
meaning the entire study can be reproduced on any Wells Fargo Advisors computer
by others investigating independently.

Note the absence of the Investment Costs Harold is currently paying.

Without the investment costs included for Harold’s $1,000,000,
the Envision software generates a client compliance approved graph
indicating a high degree of wonderfulness if Harold continues to do business as usual.

Below is the same plan with the "Return Discount Rate" included on the assumptions page.

"Return Discount Rate" = Investment Cost

Again, Investment Costs are not shown on client presentations
unless the costs are entered, as seen here,
even though both presentations include everything else.





The problem with including what Harold is actually paying for his investments
is that he would need to begin with about $840,000 more to achieve similar results,
meaning the plan not including the 2.5% annual investment costs is misleading.

There are hundreds of thousands of Wells Fargo Envision Plans.

"The overwhelming majority of Envision Plans 

do not include investment costs."

First Vice President, Product Manager

Financial Services Group Strategic Solutions

FINRA Rule 2210

"(d) Content Standards, (1) General Standards

(A) All member communications must be based on principles of fair dealing and good faith,
must be fair and balanced, and must provide a sound basis for evaluating the facts
in regard to any particular...service.

No member may omit any material fact or qualification if the omission,
in light of the context of the material presented,
would cause the communications to be misleading.

(B) No member may make any false, exaggerated,
unwarranted, promissory or misleading statement or claim in any communication.

No member may publish, circulate or distribute any communication
that the member knows or has reason to know
contains any untrue statement of a material fact or is otherwise false or misleading.

(C) Information may be placed in a legend or footnote
only in the event that such placement would not inhibit an investor's understanding of the communication.

(D) Members must ensure that statements are clear and not misleading
within the context in which they are made,
and that they provide balanced treatment of risks and potential benefits.

...(E) Members must consider the nature of the audience
to which the communication will be directed
and must provide details and explanations appropriate to the audience.

(F) Communications may not predict or project performance,
...or make any exaggerated or unwarranted claim, opinion or forecast...

...(2) Comparisons

Any comparison in retail communications between investments or services
must disclose all material differences between them,
including (as applicable) investment objectives, costs and expenses..."

A message sent to North Carolina US Senator Kay Hagan

If Wells Fargo top brass benefited from regulator approved insider trading, who else did the same?

If Wells Fargo & Company’s board of directors
approved a grant of retention performance shares
for President and CEO John G. Stumpf and three other executive officers,
and all of the above were aware of secret Federal Reserve Loans,
how did they not benefit from insider trading?

The Fed’s Secret Liquidity Lifelines for Wells Fargo & Wachovia

NORTH CAROLINA SECURITIES DIVISION COMPLAINT

FINRA, SEC, DOL, CFPB, FTC, FRB, and PCAOB Wells Fargo Whistleblower Filing

1. WHO IS THE FIRM AGAINST WHOM THIS COMPLAINT IS FILED?

Wells Fargo and other firms doing or that did the same
who did not disclose what they should have.

The potential enormity of George Hartzman's Wells Fargo Whistleblower filing on Envision Investment Plans and 4front

Wells Fargo Advisors is one of the nation's premier financial services firms.

Its brokerage business is represented by more than 15,000 Financial Advisors...

If about 10,000 Wells Fargo Financial Advisors
had to do a minimum of 25 Envision Investment Plans on households worth at least $250,000
to receive 4Front compensation ["retention bonus after Wells acquisition of Wachovia"?]
and the average assets held by households that received 4Front Envision plans
was/is about $450,000,
and the average number of qualifying FA 4Front Envision Plans
was/is about 35 per Financial Advisor,

If about 10,000 FA's created about 35 plans each = 350,000 4Front Envision Plans,
and about 350,000 x what could be about $450,000 of assets held for each household = $157,500,000,000,
could George Hartzman's Wells Fargo Whistleblower filing
affect what could be more than $150 billion of Wells Fargo Advisors client assets?

Sent to the United States Senate Committee on Banking, Housing & Urban Affairs and the US Congressional House Committee on Financial Services on Sunday, July 15th, 2012

Forwarded to Michael Mashburn, SEC and Daniel Stefek, FINRA
- both of whom recieved NC Securities Division File No. 12 SEC 84, in late June,
who spoke with George Hartzman during the second week of July

http://hartzman.blogspot.com/2012/07/forwarded-to-michael-mashburn-sec-and.html
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From an email sent to xxxyyy

http://hartzman.blogspot.com/2012/07/from-email-sent-to-xxxyyy.html
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From a public records request of George Hartzman's Wells Fargo NC whistleblower filing

http://hartzman.blogspot.com/2012/07/from-public-records-request-of-george.html
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The potential enormity of George Hartzman's Wells Fargo Whistleblower filing
on Envision Investment Plans and 4front

http://hartzman.blogspot.com/2012/07/potential-enormity-of-george-hartzmans.html

Hartzman’s Wells Fargo Whistleblower Filing: Part Four