Bloomberg recapped a year of misdeeds by Wells Fargo today, including the Board awarding a pay raise to Tim Sloan, Chief Executive Officer. “This is an absolute travesty by the Wells Board” said Frank Beck, President & Chief Investment Officer of Beck Capital Management. “Not only did the SEC open an investigation into Wells Fargo Advisors for alleged violations committed by the bank’s wealth management unit, the bank inflated the number of customer accounts, forced customers to buy unwanted car insurance and committed many other misdeeds. Now we learn the Board awards their CEO a pay raise for his performance. For these and other reasons, we continue to avoid Wells Fargo stock” said Beck. To read the complete story on Bloomberg, click here.