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, 1 month 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. She is pictured, right, with daughter Tracy Martinez, left In a now-viral TikTok video, Judith's daughter Tracy Martinez explained: 'A few days before Christmas, my mom received a telephone call from Wells Fargo Bank. 'Answer the phone call and Wells Fargo said - well the person posing as Wells Fargo - said this is the Wells Fargo fraud department.' Judith, pictured, and her family are spreading awareness of her story on social media Her daughter Tracy Martinez, pictured, explained that scammers started transferring the money in increments of $49,000 from her mom's account.

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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 …

Wells Fargo sued for ignoring fraud red flag and allowing $30K scam
1 year, 1 month ago

Wells Fargo sued for ignoring fraud red flag and allowing $30K scam

Daily Mail  

A Wells Fargo customer who was conned out of more than $30,000 by scammers has hit the bank with a bombshell lawsuit that claims its anti-fraud security checks are not fit for purpose. Astonishingly, the lawsuit also claims the scammers called from that number AGAIN just three months later to impersonate a different Wells Fargo customer and were once again …

Wells Fargo hit by bombshell lawsuit claiming its own system flagged scam but STILL gave customer's life savings to crooks - just weeks after a grandmother lost $150K
1 year, 1 month ago

Wells Fargo hit by bombshell lawsuit claiming its own system flagged scam but STILL gave customer's life savings to crooks - just weeks after a grandmother lost $150K

Daily Mail  

Court papers allege the bank's system flagged calls were from a phone number that did not belong to Thomas Murrer - but still allowed fraudulent transactions A Wells Fargo customer who was conned out of more than $30,000 by scammers has hit the bank with a bombshell lawsuit that claims its anti-fraud security checks are not fit for purpose. Wells …

Ex-Wells Fargo exec to plead guilty for role in bank scandal
2 years ago

Ex-Wells Fargo exec to plead guilty for role in bank scandal

Associated Press  

LOS ANGELES — A former Wells Fargo Bank executive accused of overseeing a ruse that created millions of bogus customer accounts has agreed to plead guilty to criminal charges likely to send her prison for her role in the scandal. The agreement filed Wednesday in a Los Angeles federal court calls for the former Wells Fargo executive, Carrie Tolstedt, to …

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 …

Accounts scandal, wary customers take toll on Wells Fargo earnings
7 years, 11 months ago

Accounts scandal, wary customers take toll on Wells Fargo earnings

LA Times  

Wells Fargo & Co. reported first-quarter earnings Thursday that show the scandal over unauthorized customer accounts is eating into its bottom line. The San Francisco bank said its net income totaled $5.5 billion, showing no growth from last year’s first quarter — though the results topped the modest expectations of Wall Street. Wells Fargo Chief Executive Timothy Sloan acknowledged to …

Column: Customers still seem wary of doing business with Wells Fargo — with good reason
8 years ago

Column: Customers still seem wary of doing business with Wells Fargo — with good reason

LA Times  

Wells Fargo & Co. continues to provide a counter-example to the adage that there’s no such thing as bad publicity. Potential customers may feel they have good reasons to steer clear of Wells Fargo: Its commitment to do everything it can to rectify the fraud — “to make things right and restore trust,” as its publicity material says — is …

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 …

Workers Say Wells Fargo Unfairly Scarred Their Careers
8 years, 5 months ago

Workers Say Wells Fargo Unfairly Scarred Their Careers

NPR  

Workers Say Wells Fargo Unfairly Scarred Their Careers Enlarge this image toggle caption Ariel Zambelich/NPR Ariel Zambelich/NPR Former Wells Fargo employees tell NPR that managers at the bank retaliated against them for calling the company's ethics line and pushing back against reckless sales practices. He says his co-workers in his branch were "falsifying signatures, pushing products on people that they …

California Investigates Whether Wells Fargo Committed Criminal Identity Theft
8 years, 5 months ago

California Investigates Whether Wells Fargo Committed Criminal Identity Theft

NPR  

California Investigates Whether Wells Fargo Committed Criminal Identity Theft Enlarge this image toggle caption Mark J. Terrill/AP Mark J. Terrill/AP California Attorney General Kamala Harris has launched an investigation into allegations that Wells Fargo & Co. engaged in criminal identity theft when the bank created millions of accounts without customer consent, according to the Los Angeles Times. The report is …

Episode 728: The Wells Fargo Hustle
8 years, 5 months ago

Episode 728: The Wells Fargo Hustle

NPR  

Episode 728: The Wells Fargo Hustle Enlarge this image Justin Sullivan/AFP/Getty Images Justin Sullivan/AFP/Getty Images The third-largest bank in the country, Wells Fargo, is in big trouble. A federal investigation found that Wells Fargo was opening bank accounts without customers' permission. After the scandal broke, Wells Fargo's CEO John Stumpf was called to Capitol Hill to testify. For part two …

After Wells Fargo’s beating on Capitol Hill, it could face local sanctions over accounts scandal
8 years, 5 months ago

After Wells Fargo’s beating on Capitol Hill, it could face local sanctions over accounts scandal

LA Times  

Already the subject of federal investigations and congressional inquiries, Wells Fargo & Co. is now facing criticism from a growing number of state and local officials who want more answers from bank executives or hope to enact sanctions of their own. On Tuesday, a San Fernando Valley lawmaker plans to question a regional Wells Fargo executive about the bank’s sales …

Column: Did Wells Fargo target seniors with its bogus-account scheme?
8 years, 5 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 …

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 …

Wells Fargo settled over its bogus accounts, but it still faces a fight from customers and ex-employees
8 years, 6 months ago

Wells Fargo settled over its bogus accounts, but it still faces a fight from customers and ex-employees

LA Times  

Despite a blockbuster settlement announced Thursday, Wells Fargo isn’t done fighting allegations that its aggressive sales culture pushed employees to create accounts that customers never authorized. “But from an optics standpoint, it makes it sound like where there’s smoke there’s fire.” Michael P. Kade, a Los Angeles attorney representing nine former Wells Fargo employees in a case filed in 2014, …

Think Wells Fargo ripped you off? Here’s what to do
8 years, 6 months ago

Think Wells Fargo ripped you off? Here’s what to do

LA Times  

The $185 million that Wells Fargo agreed to pay Thursday to settle government allegations over its overbearing sales practices is one big figure. Wells Fargo to pay $185 million settlement for ‘outrageous’ sales culture » Wells Fargo already has sent refunds averaging $25 to about 100,000 customers nationwide who paid fees on accounts they never wanted, but that might not …

Wells Fargo Will Pay $190 Million To Settle Customer Fraud Case
8 years, 6 months ago

Wells Fargo Will Pay $190 Million To Settle Customer Fraud Case

Huff Post  

Stephanie Keith / Reuters WASHINGTON, Sept 8 - Wells Fargo has long been the envy of the banking industry for its ability to sell multiple products to the same customer, but regulators on Thursday said those practices went too far in some instances. “Today’s action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, …

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