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Consumer Law

47-Year Industry Broker Sues Wells Fargo for Age Discrimination

An Idaho-based broker with 47 years in the industry, who is defending against Wells Fargo claims that he left the firm without paying back $78,186 he owed on a promissory note, has fired back with a federal age discrimination lawsuit against his former employer.

Thomas George Lenze filed a complaint on Tuesday alleging that Wells Fargo made a “concerted effort” to “drive” him out due to his age when it closed his two-broker Ketchum, Idaho, office in 2017 and insisted that he relocate to its Twin Falls office 80 miles away.

The broker, who was around 70 at the time, asserts he was constructively discharged by the new three-and-a-half hour commute over a “precarious” two-lane highway. Wells initially said he could work remotely but later denied him the ability and instead put him under heightened supervision for having a certain percentage of his portfolios in Unit Investment Trusts. He said he complained to human resources “to no avail.”

Read the source article at AdvisorHub

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