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Wells Fargo and Citigroup's ... Bankruptcy court is where most of the fraud comes out because in bankruptcy, to prove the bank is owed money and that its claim is "secured" -- meaning it should ...
The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
And it was nearly three years after Wells Fargo began cleaning house in its retail operations, firing 1,000 employees a year who, if the bank is to be believed (ha ha), were furthering the fraud ...
The person she was speaking to on the phone was not a Wells Fargo rep, as she discovered when she went into the bank to confirm that she'd been talking to a legitimate customer service staff member.
In April 2017, Wells Fargo's board of directors released a report on the account fraud scandal accusing Tolstedt of downplaying problems at Wells Fargo's banks. The same report recommended that the bank take back $47.3 million in stock options Tolstedt had received, in addition to $19 million they had already taken back from her. [2]
The bank will pay $185M in penalties and $5M to customers that were pushed into fee-generating accounts, officials said on Thursday.
Wells Fargo & Co will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, according to officials.
The Wells Fargo case is brought under the False Claims Act, which gives whistleblowers incentives to report fraud against the government, and under FIRREA, a little-used statute that has grown in ...