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I'm not surprised the government always asks us for personal information all the time like ssn,birth certificate to prove who you are,well guess what personal info fell into the wrong hands. This story reminds me of my bank(true story)this happened couple years ago I found out someone was charging me extra,but eventually they closed that extra account I did NOT open. This is true story the employer,all they did was fire her but the bank did give me my money back.
Step 1: Wells Fargo finds out and fires lots of people.
Step 2: FBI gets involved
Step 3: Lawsuits & arrests
You guys are jumping the gun, some folks are indeed going to jail over this, it just hasn't happened yet.
I am of course open to wagers by people saying no one will go to jail.
Except that Wells Fargo found out a long time ago. The article states that they fired 5,300 people over the last few years. However, notice that there was not a single indictment of an employee. Meaning, Wells Fargo swept it under the rug and didn't report their employees to the proper authorities.
If Wells Fargo was an individual they would be charged with a third degree felony based on the employees crime and them willfully failing to report it. I'm only speaking from the viewpoint of FL state law (to illustrate a point about Corporations never facing any real consequences for their actions). Then that individual would be a convicted felon, do some time, have a criminal record as a felon and be on probation after their jail/prison sentence is over.
But of course since Wells Fargo is big corporation so they are allowed to get away with murder. The "huge" fine of $190 million is a joke. They literally paid a .076% fine (based on their total value) for helping to hide thousands of felons who committed hundreds of thousands of felonies. For those of you that want a individual example that's equivalent to how Wells Fargo was "punished:"
-If someone helped a non armed robber hide from the police they committed a 3rd degree felony in FL punishable by up to 5 years in prison.
-However, if his penalty was calculated by "big corporation punishment guideline" and he was wealthy enough to have $100K sitting in the bank; his punishment would be paying a $76 fine. That's .076% of $100K for those of you wondering where I got that figure from.
Criminal penalties from our justice system for individuals running big corporations is non existent. They are literally untouchable and this story is just another blatant example of that. If no one from HSBC went to prison for helping launder drug money for cartels what do you think the chances are of anyone from Wells Fargo going to prison? I will gladly take you up on that wager
This is really unbelievable. Why isn't anybody going to jail for this?
My elderly mother went into Wells for a cash withdrawal (she forgot her pin) and came out with a cash advance on a new credit card. We (kids) had to call customer service to get everything reversed. Probably corporate compensation policies and the local managers are responsible for this. The bank is being punished - their stock is dropping.
I realize Wells Fargo has a couple hundred thousand employees, but when over 5000 employees of a company of any size are involved with this type of reprehensible behavior, it's more than a few bad apples. Obviously there is sub "culture" of "whatever it takes to make more money is OK" mentality going around in this company.
Sounds like Wells Fargo put out some unrealistic goals for employees. When you do that, you know there are going to be problems, and this is the most logical one. If you give employees realistic goals, they more than likely will work for them in a legal and ethical fashion. When you give, or demand more accurately, unrealistic goals, you'll get one of two reactions. People will just up and quit, or they will try to figure out how to scam the system. I'm sure a whole lot of both of these behaviors happened here.
I've never been a WF customer, thankfully it turns out. I do have to say that I've heard more horror stories from WF customers over the past 8 or 10 years that any other bank, by far. My accounts for 30 plus years have been with another large national bank....and in all that time, I've only had one or two minor issues which were corrected immediately when brought to their attention.
This is the type of story which makes it highly unlikely that I would ever choose to deal with WF, or advise anyone else to do so.
Last edited by jasper1372; 09-09-2016 at 05:26 AM..
I would like to drop this bank today. If it were not for Direct Deposits and several autopays that go out. The last time I changed banks Direct Deposits from Retirement income didn't show up. I had to repeatedly deal with Social Security, and the employer I'm retired from to straighten it out. I don't know why it became such a battle, just to transmit my deposits to WF. This went on for 2 months. This was only 2 years ago when I retired to Florida and had to change banks. I cant imagine it's any easier now. . I'm terrified now to ever change banks again. I would think these employees, would face more than being fired. I would think Wells Fargo would be dealing, with more than a fine.
With the current conditions that your information may be shared by third parties, its easy enough to see how fake accounts or unauthorized accounts can be created. Wonder how many of those come from deceased lists that are retained by the states?
anytime a large group is dismissed it does trickle into the economy....it will effect on a local and state level for those seeking new employ....
I'm sure the public relations department is being coached by the legal eagles how to politely address this with the public....damage control...
As an IT security consultant, it doesn't surprises me however I don't get why it's announced or leaked out. Because most banks like them finds and catch people doing this all the time and that's why I still have a job.
Hundreds of accounts are flagged for review monthly and good % of them are fake ones. I don't know the scale or scope of the crime. If it's random employees it's rather normal but shows poor management. If it's coordinated to some degree then it needs some major reorganization to get rid of all syndicates.
All this occurs at all major banks but not on the 11 o'clock news.
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