Column: Did Wells Fargo target seniors with its bogus-account scheme?
8 years, 6 months ago

Column: Did Wells Fargo target seniors with its bogus-account scheme?

LA Times  

Wanita Holmes went to a Wells Fargo branch to open a new checking account. Mike Feuer, who sued Wells Fargo over the bogus accounts last year, said it’s hard to determine how many of the bank’s victims were seniors. “While we found examples where seniors who were Wells Fargo customers were victims, we do not have information on how widespread the practice was or whether they were targeted for this practice,” he said. “I don’t want to believe Wells Fargo workers were going out of their way to abuse seniors — it seems so Machiavellian. But it wouldn’t be at all surprising.” I don’t want to believe Wells Fargo workers were going out of their way to abuse seniors — it seems so Machiavellian.

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History of this topic

Wells Fargo's fraud shame: Leaked audio transcript claims to show shocking moment bank employee gave away customer's $100,000 life savings to cruel crooks after just TEN-MINUTE phone call
1 year ago

Wells Fargo's fraud shame: Leaked audio transcript claims to show shocking moment bank employee gave away customer's $100,000 life savings to cruel crooks after just TEN-MINUTE phone call

Daily Mail  

Lawsuit alleges an employee authorized the transfer in less than 10 minutes Leaked audio transcripts claim to reveal the moment a Wells Fargo employee allowed fraudsters to steal $100,000 of their customer's money in less than ten minutes. Victim Alice Fries, 59, was contacted by criminals posing as the bank's fraud department who tricked her into handing over her personal …

Why DIDN'T Wells Fargo step in? Grandmother conned into sending $150k to cruel scammers who impersonated the bank's fraud team just days before Christmas
1 year, 2 months ago

Why DIDN'T Wells Fargo step in? Grandmother conned into sending $150k to cruel scammers who impersonated the bank's fraud team just days before Christmas

Daily Mail  

Have YOU been the victim of a scam? Please email: money@dailymaill.com Anderson has been a customer of the bank for 52 years has now received a refund Judith Anderson, 74, was tricked by scammers claiming to be from Wells Fargo's fraud department A grandmother has revealed how she lost $150,000 to cruel scammers impersonating Wells Fargo just days before Christmas. …

Wells Fargo to pay $3B to resolve probes into fake accounts
5 years, 1 month ago

Wells Fargo to pay $3B to resolve probes into fake accounts

Associated Press  

LOS ANGELES — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Bank employees were berated for not making bloated quotas, leading sometimes to mental health breakdowns, and ultimately resulting in many employees gaming Wells …

Column: Even as Wells Fargo scandal deepens, GOP lawmakers push bank deregulation
7 years, 6 months ago

Column: Even as Wells Fargo scandal deepens, GOP lawmakers push bank deregulation

LA Times  

Far be it from me to see metaphors where none exist, but Wells Fargo’s good name was literally blown away when Hurricane Harvey roared into the Texas city of Corpus Christi last week. “Wells Fargo is the poster child for why consumers need a strong Consumer Financial Protection Bureau,” said Emily Rusch, executive director of the California Public Interest Research …

Wells Fargo shareholders call for a new, broader probe into the bank’s accounts scandal
8 years ago

Wells Fargo shareholders call for a new, broader probe into the bank’s accounts scandal

LA Times  

Groups of Wells Fargo investors are calling on the bank to prepare a detailed report about what led to its sales-practices scandal. A San Francisco banking advocacy group, several religious organizations and a Rhode Island pension fund want Wells Fargo to provide a broader accounting of what led to widespread fraud in the bank’s sales practices. The groups, all Wells …

Former Wells Fargo Employees Describe Toxic Sales Culture, Even At HQ
8 years, 5 months ago

Former Wells Fargo Employees Describe Toxic Sales Culture, Even At HQ

NPR  

Former Wells Fargo Employees Describe Toxic Sales Culture, Even At HQ Enlarge this image toggle caption Ariel Zambelich/NPR Ariel Zambelich/NPR Former employees of Wells Fargo tell NPR that a toxic high-pressure sales culture at the bank drove some workers to deceive customers and open unauthorized accounts — even in the bank's own headquarters building in San Francisco. "That's the whole …

Republicans say there’s another villain in the Wells Fargo scandal
8 years, 6 months ago

Republicans say there’s another villain in the Wells Fargo scandal

LA Times  

Wells Fargo & Co. Chief Executive John Stumpf took the full brunt of congressional anger over the bank’s fake-accounts scandal at a Senate hearing last week and will face more outrage on Thursday before a House panel. Stutzman said that the CFPB began sending bank examiners to Wells Fargo for routine inspections “as early as 2011, 2012.” And although Wells …

Column: Wells Fargo CEO John Stumpf offers a clinic in how to weasel out of real accountability
8 years, 6 months ago

Column: Wells Fargo CEO John Stumpf offers a clinic in how to weasel out of real accountability

LA Times  

Wells Fargo Chairman and CEO John G. Stumpf, who has been described as “the Mr. Clean of banking,” took his unflappable and well-groomed mien Tuesday to a hearing room on Capitol Hill to defend the bank against allegations that it had massively defrauded millions of its customers. — Sen. Elizabeth Warren confronts Wells Fargo CEO John Stumpf The bank’s explanation …

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