Wells Fargo has been rocked since September 2016 by a series of scandals, including the San Francisco-based bank’s creation of as many as 3.5 million unauthorized accounts.
Wells Fargo executives are dodging additional Congressional inquiries into the bank’s massive fake accounts scandal, Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., said last week in a letter sent to Wells Fargo CEO Timothy Sloan. Click the headline for more on Waters’ accusation and what Wells Fargo says about it.
The Wells Fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the United States Consumer Financial Protection Bureau (CFPB), fined the company a combined US.
Wells Fargo execs, board must face lawsuit over fake accounts, judge says. liable for sales abuses and the creation of millions of unauthorized accounts, to infer senior executives knew.
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Democrats call for hearings on wells fargo fake accounts, auto insurance scandals.. haul Wells Fargo executives in front of Congress once again.. scrutiny," wrote Democratic Reps. Maxine.
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Wells Fargo executives are dodging additional Congressional inquiries into the bank’s massive fake accounts scandal, Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., said last week in a letter sent to Wells Fargo CEO Timothy Sloan.
U.S. representative maxine waters, the committee’s senior Democrat, faulted the bank for identity theft in the fraud and called for Wells Fargo to be dismantled because it was too big to manage.
The wells fargo fake account fiasco has already resulted in the "retirement" of the bank’s CEO, John Stumpf, and Carrie Tolstedt, Wells’ head of retail banking, for allowing employees to. Whoops!
Calling into question why Wells Fargo was only recently fined $185 million for fraudulently opening more than 2 million accounts, the US Senate is now hearing reports that employees and customers blew the whistle on the Wall Street bank’s illegal activity several years ago.
Wells Fargo Customers Accuse Bank Of Fraud, Negligence After Employees Open Fake Accounts Image courtesy of ( Mike Mozart ) Updated: 9.30.16 4:30 PM EDT By Ashlee Kieler @akieler