Former Wachovia Securities CDO analyst Arturo Cifuentes, allegedly fired for not signing off on an important Sarbanes-Oxley Act disclosure document, presented his case to U.S. Department of Labor's Occupational Safety and Health Administration last week, offering e-mail evidence he contends proves his case. OSHA handles such complaints under SarbOx guidelines.
According to e-mail transcripts contained in Cifuentes' complaint, which was reviewed by [ASR sister publication] IDD, Wachovia banker Anthony Sciacco allegedly suggested to Cifuentes that one of his research pieces contributed to the cancellation of a meeting with CDO issuer PIMCO regarding a new CLO. "The CLO origination business is very competitive," said the February 2005, e-mail Sciacco sent to Cifuentes, which references a research report dated January 31, 2005 pertaining to the performance of CDO managers. "This does not help."