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The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
(Reuters) -The former head of Wells Fargo's retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Carrie ...
U.S. banking giant Wells Fargo confessed to creating millions of fake accounts from 2002 to 2016. Now, new troubles have come to light. Fraudulent bank accounts resurface at Wells Fargo
One person tweeted that he had been hit with an overdraft fee after money went missing from his account. ... Wells Fargo’s fake-accounts scandal created a national firestorm in 2016. In 2020, it ...
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Updated July 21, 2017 at 12:49 PM. July 21 (Reuters) - The U.S. Department of Labor on Friday ordered Wells Fargo & Co to pay $575,000 and to rehire a whistleblower the bank had dismissed in ...
Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. In 2023, she would plead guilty to obstructing a bank examination.
Since 2016, Wells has spent billions of dollars settling civil and criminal charges related to a multiyear scheme that led to more than 2 million fake accounts being opened without customers ...