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5,300 Wells Fargo employees fired for creating over 2 million phony accounts
money.cnn.com ^ | September 8, 2016: 3:52 PM ET | by Matt Egan

Posted on 09/08/2016 1:14:35 PM PDT by Red Badger

Edited on 09/08/2016 1:41:02 PM PDT by Admin Moderator. [history]

Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for.

That's exactly what happened to Wells Fargo customers nationwide.

On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.


(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; US: California
KEYWORDS: bank; banking; creditcard; crime; fired; fraud; wellsfargo
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To: Resettozero

Way too many people involved to keep that quiet.


101 posted on 09/08/2016 2:53:53 PM PDT by ameribbean expat
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To: henkster

Wasn’t CitiBank tied to the Clinton Foundation in some fashion?


102 posted on 09/08/2016 2:54:01 PM PDT by who knows what evil? (Yehovah saved more animals than people on the ark...www.siameserescue.com)
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To: Excuse_My_Bellicosity

I agree!


103 posted on 09/08/2016 2:54:31 PM PDT by trisham (Zen is not easy. It takes effort to attain nothingness. And then what do you have? Bupkis.)
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To: Red Badger

Hahaha! Best post of this thread!


104 posted on 09/08/2016 2:54:56 PM PDT by SgtHooper (If you remember the 60's, YOU WEREN'T THERE!)
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To: Red Badger

5300 jobs...
I didn’t know there were that many employed people left!


105 posted on 09/08/2016 2:55:36 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat/RINO Party!)
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To: Red Badger
Red Badger wrote: "They are probably all going to be hired by the Voter Registration offices...................Voter dead? No problemo!...........

Interesting point you jest about...2 million fictitious accounts could prove useful as ID to secure equal number of fraudulent voter registrations.

106 posted on 09/08/2016 3:01:03 PM PDT by wtd
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To: Diana in Wisconsin

$5 million in restitution to the victims but the government collects a fat $185 million fine - and the shareholder will suffer. How about $5 million in restitution and $0 fine but the board and the executive must go and the bank is under supervision and some form of probation - the cost of which they pay.


107 posted on 09/08/2016 3:09:54 PM PDT by liberalh8ter (The only difference between flash mob 'urban yutes' and U.S. politicians is the hoodies.)
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To: Red Badger

Fifth Third turned my 1 account into many. I dropped them, of course.

With WF it is much easier to open an account than to close one. Part of the problem is the new regulations which allegedly seek to find drug money and IRS cheaters.

One big advantage of the FAIR tax or any tax that eliminates the IRS is that it will make banking efficient and about banking rather than about snitching on their customers to the IRS.


108 posted on 09/08/2016 3:20:06 PM PDT by spintreebob
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To: riverdawg
We liked USAA's insurance add mortgage products well enough to try their banking stuff. It turns out that there is no advantage to using a local brick and mortar bank. USAA spots ATM fees back into your account. Checks can be deposited using the camera on your phone or a scanner on your PC.
109 posted on 09/08/2016 3:24:09 PM PDT by GingisK
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To: scouter

You don’t live there and have never heard of your name?

That’s deep undercover.


110 posted on 09/08/2016 3:28:03 PM PDT by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: Robert DeLong

1 employee per 2 locations (although I can see some might be the entire office and others were completely honest).


111 posted on 09/08/2016 3:29:24 PM PDT by scrabblehack
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To: Red Badger
and how many were arrested???
112 posted on 09/08/2016 3:37:06 PM PDT by Chode (You Owe Them Nothing - Not Respect, Not Loyalty, Not Obedience, NOTHING!)
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To: Red Badger

bookmark


113 posted on 09/08/2016 3:42:51 PM PDT by dadfly
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To: Red Badger

I’m sorry, but we are going to have to start hanging thieves in this country.

There are too many of them, and they aren’t afraid of prison.


114 posted on 09/08/2016 3:45:06 PM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: Red Badger

Damn. Now I have to open all that junk mail I used to tear in half and throw in the circular file. Thank God the bank that currently has all of our accounts is a country bank.


115 posted on 09/08/2016 3:57:28 PM PDT by immadashell (Save Innocent Lives - ban gun free zones)
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To: Red Badger
One could argue that “I was only following orders” didn't go down well in Nuremburg but I'm having a problem with the 5,300 part.Yes,those who drove this should be fired and maybe even imprisoned.But 5,300?
116 posted on 09/08/2016 3:59:57 PM PDT by Gay State Conservative (In Today's America Feelings Are The New Truth)
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To: Red Badger

“5,300 Wells Fargo employees”

Those are the ones they know about.


117 posted on 09/08/2016 4:03:48 PM PDT by dynachrome (When an empire dies, you are left with vast monuments in front of which peasants squat to defecate)
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To: Excuse_My_Bellicosity

“If WF regulators didn’t catch this, they were in on it.”

Knowing credit systems as I do, there is no way on God’s green Earth 2 million accounts were created without EVERYONE at WF knowing about it. The audit and compliance systems are larger than the processing systems.


118 posted on 09/08/2016 4:12:55 PM PDT by CodeToad
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To: Red Badger

Just a couple of weeks ago my relative’s bank account was showing massive deposits and withdrawals by Wells Fargo (her account is with a different bank). She has never had any dealings with Wells Fargo. Her bank kept calling her and blaming the mess on her sons who are on the account with her because she is elderly and disabled. She told them emphatically that her sons did no such thing. Finally, after days of this harrassment they admitted it was widespread fraud. They had to close all her accounts and open new ones. She still is having problems accessing her checking account. We were waiting for this to hit the national news.


119 posted on 09/08/2016 4:39:10 PM PDT by chronicles
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To: Buckeye McFrog

[Lesson Learned: Whenever you create some sort of bonus incentive program, your people will immediately set upon figuring out ways to game it in order to collect.]

Winner.

I developed the software to support an employee incentive program - at a bank.

The tellers figured out how to get ahead of everybody else. Well, nobody told them they couldn’t.


120 posted on 09/08/2016 4:47:04 PM PDT by SaveFerris (Be a blessing to a stranger today for some have entertained angels unaware)
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