A Cambodian-American broker who accused Wells Fargo of discrimination won approval from FINRA arbitrators to delete "false and defamatory" statements by the firm from his record.

Under a Dec. 23 award by a San Francisco-based panel, Steve Hour Heng secured permission for expungement of an allegation by Wells Fargo Clearing Services, the parent company of Wells Fargo Advisors, that six cash withdrawals from his personal bank account over a month "were each made in an amount to avoid currency transaction reporting requirements." The parties had agreed days earlier to a partial settlement of the rest of Heng's case, which alleged that the firm discriminated against him and wrongfully terminated him in April 2020. Wells Fargo had, in turn, accused him of owing the firm more than $1 million on his bonus loans.

Because of the typical lack of detail in the award document, it's not possible to tell "what came of the competing claims for money damages," attorney Robert Herskovits of Herskovits PLLC said in an email. Wells Fargo's explanation of the termination on BrokerCheck "was pretty ugly," said Herkovits, who represents brokers in expungement cases but wasn't involved in this case.

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