The allegations detail attempts by Cifuentes to stop and report the conduct, as well as allege how the firm permitted analyst compensation to be directly or indirectly influenced and affected by recommendations made in the reports. As alleged in the complaint, Cifuentes' employment with Wachovia ended when he and the firm reached an impasse relating to the interpretation of what is required and what would be truthful when filing of a regulation analyst certification report – a statement by an analyst certifying that the views and recommendations in a research are his or her own and that their compensation is not directly or indirectly related to specific recommendations.
Cifuentes was a CDO fixed income research analyst at Wachovia, and was hired in July 2003 specifically to "to put Wachovia's research on the map", according to Malecki Law's statement.
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