Regulation

“As of today, Wells Fargo Advisors is not allowing solicitation of those two securities,” a spokesperson for the bank said Wednesday.

The looming threat for Biden’s SEC pick is that the good times could end on his watch, triggering a crash that hits retail investors who’ve contributed to the boom.

Letters sent to reps ask for extensive information on why they applied for a loan, how funds were received and used, and all compensation under the federal program.

Jacob Glick is accused of breach of fiduciary duty and misappropriating client funds, among other alleged misconduct.

SA Stone Wealth Management representative Gregory Frank Estes had already registered as a sex offender after a 2002 conviction, records show.

President Biden has picked Allison Herren Lee, a member of the Securities and Exchange Commission, as the acting chair of the SEC, as nominee Gary Gensler waits in the wings as a more permanent chair once he is confirmed by the Senate.

The pending nominations send a clear signal that the rule-cutting and lax enforcement the industry has grown accustomed to under President Trump are over.

Biden's expected nomination for chairman is known for pushing back at banks and corporations in search of greater investor protections.

The 25-year industry veteran of four wealth managers and a trust company faced a charge of unlawful entry on public property.

“The sheriff is coming to the preeminent financial regulator in the world,” said Justin Slaughter, a consultant at Mercury Strategies. “It means regulation and enforcement are about to get much tougher.”