WHEN WILL ALL WELLS FARGO’S FRAUD BE UNCOVERED?
Once again the New York Times reports on Wells Fargo’s fraudulent account scandal. No, this is not the same one from 2016, this is a new one where the bank just “found” more than a million additional unauthorized accounts, raising the total to 3.5 million accounts.
Is Wells Fargo too big to care about criminal activities and threats from Congress?
“Every time we get one of these announcements, the pressure rises,” said Nancy Bush, a banking industry analyst who runs NAB Research. “How many customers, and how many employees within Wells Fargo, are coming to the conclusion, ‘I don’t need to be associated with this’?”
New scam by Wells Fargo
Besides the additional accounts announced Thursday, the wider review uncovered a new issue: unauthorized enrollments of customers in the bank’s online bill payment service; a service that is now free.
One of the bank’s fiercest critics, Senator Elizabeth Warren, Democrat of Massachusetts, laid into it with a scathing statement: “Unbelievable. Wells Fargo’s massive fraud is even worse than we thought.”
A coalition of 33 consumer groups sent a letter to congressional leaders urging them to bring Wells Fargo executives back to Capitol Hill — where Mr. Stumpf was roasted last year by unhappy lawmakers, shortly before he stepped down under pressure — to answer new questions about the bank’s abuses. The bank “may have intentionally misled” lawmakers in its previous testimony, they said. Ms. Warren, who is a member of the Senate Banking Committee, also called for the committee to hold a new hearing.
* FRAUD AND DECEIT – BELOW ARE JUST A FEW OF THE FRAUDS WELLS FARGO HAS BEEN INVOLVED IN. GIVEN THEIR HISTORY THERE ARE MANY MORE TO COME.
The Wells Fargo Fake Account Scandal: A Timeline – Forbes
The Wells Fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on …
24 hours later, ANOTHER massive Wells Fargo fraud scandal / Boing …
Wells Fargo, Awash in Scandal, Faces Violations Over Car Insurance …
Aug 7, 2017 – Wells Fargo, the scandal-plagued bank, is facing new regulatory scrutiny for not refunding insurance money owed to people who paid off their …
How Wells Fargo’s Cutthroat Corporate Culture Allegedly Drove …
But with the major scandal unfolding at Wells Fargo, angry former employees illuminate the alarming pressure that allegedly led local bankers to defraud …
Wells Fargo Opened a Couple Million Fake Accounts – Bloomberg
Really that’s just one principle: You get what you measure, but only exactly what you measure. There’s no guarantee that you’ll get the more …
MUSINGS FROM DIANE:
I have to ask – how many of you believe the bank’s excuses? Personally, I think Wells Fargo believes no regulator can reach them and that it can bully anyone – consumer or politician. It has gotten away with this type of behavior for so many decades that it was certain no one could touch them. I support Senator Elizabeth Warren’s attempt to make Wells Fargo accountable for their outrageous actions. Enough is enough. I moved all our accounts, both personal and business, out of Wells Fargo.
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
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