Wells Fargo is fined record-breaking $190million and fires 5,300 staff after 'widespread' customer fraud scheme is uncovered
Wells Fargo fined $19m and fires staff after 'widespread' customer fraud scheme scandal | Daily Mail Online
- Consumer watchdog fined bank $185m, the largest fine it has ever levied
- Wells Fargo has also been ordered to repay $5million to customers
- Up to 2million deposit accounts were created without customers knowing
- Staff pushed customers into taking extra products or created extra accounts without their knowledge to hit sales targets, probe found
- Wells Fargo says it has fired 5,300 staff in recent years over the scandal...
Last edit by Joe V on Dec 20, '16
Sep 21, '16
I love Elizabeth Warren. She is right, instead of fining corporations for criminal conduct, executives behind the criminal conduct need to know they will face prison time.
Right now these fines the government hand out are simply a cost of doing dodgy business for the banks and businesses. As long as there are no personal consequences for these CEO's and executives they will continue in their criminal behavior. Ask Rick Scott who was CEO of Columbia HCA when that corporation was fined 1.7bn for the biggest Medicare fraud in history. He clearly belongs in jail, not governing a state.
I wonder if those who saw their credit scores drop through this illegal activity at Wells Fargo got any restitution?
The behavior of corporations as well as them owning our government is a far greater issue than what Donald Trump tweeted today or whether Hillary did or didn't have pneumonia.
Oct 12, '16
The scandal engulfing Wells Fargo toppled its chairman and chief executive on Wednesday, as John G. Stumpf announced his departure from the company, effective immediately.
The move was a swift and stunning fall for an executive whose bank made it through the 2008 financial crisis relatively unscathed, only to be undone by a sham-account sales scandal that pervaded its community banking division and percolated under the surface for years.
Senator Elizabeth Warren, the Massachusetts Democrat who blasted Mr. Stumpf when he appeared before the Senate last month, fired off a scathing statement on Wednesday.
“As I said at the hearing last month, Mr. Stumpf should resign, return every nickel he made while this scam was going on, and face an investigation by the Justice Department and S.E.C.,” she said. “So far, he’s one for three.”
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