Former Wells Fargo CEO banned from banking industry and fined $17.5 million

In addition to Stumpf, the US Office of the Comptroller of the Currency fined several other former Wells Fargo executives about $40 million in connection to the bank's sales practice misconduct.Wells Fargo said it accepted the government's findings."The OCC's actions are consistent with my belief that we should hold ourselves and individuals accountable.

Read More"We are reviewing today's filings and will determine what, if any, further action by the Company is appropriate with respect to any of the named individuals," he added."Wells Fargo will not make any remaining compensation payments that may be owed to these individuals while we review the filings."Wells Fargo has struggled with the repercussions from its sales practices scandal for more than three years now.

NO JAIL? And they have the nerve to call it the “justice” system!!! 🤦🏾‍♂️

Wells Fargo paid about $4 billion in fines🤔Who gets the money? Shareholders got a $240 million settle Customers that got screwed over 3 million of them got $575 million about $160 average each. The people responsible walked away with millions 🤷‍♂️

they should dig deeper and get all of the leadership who were involved to pay the fine and go to prison! amazing how these white collar crimes don't do time!

Agreed? What was the other choice?

Was 17.5 million enough or laughable considering how much he probably makes? If not enough this is why it keeps happening because it becomes worth the gamble. NO TRUE PENALTY.

So is that 17.5 going to real customers or the government as a fine let me guess the last one right

I worked for WF at one of the centers during this time. I have witnessed much. Never done this myself & I always had questions no supervisor wanted to admit. The surge of this activity beginning of the WF & Wachovia merge.

Thank God for that awesome consumer protection agency

'Agreed to'? Since when did criminal punishment become optional? So he's sentenced to not being allowed to continue committing fraud, and repay a fraction of his stolen money. Wow.

Just curious. How could any one remain a customer of Wells Fargo after the incredible systematic abuse of their customers?

Wells Fargo is a joke

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SEC: Former Riot Blockchain CEO agrees to settlement in principle for alleged 'market manipulation'The SEC filed a letter saying that it had reached agreements to settle with three defendants in what the agency called a case of 'lucrative market manipulation.' Among those defendants is the former CEO of Riot Blockchain, a company, which was the subject of a CNBC Investigation. The case is unrelated to Riot. No is the answer, but knowing the rules and letting something happen when you know the other person doesn't know the rules or have any experience is worse, especially when there gaining from it, putting the blame on you after that is nasty. Life in prison?
Source: CNBC - 🏆 12. / 72 Read more »

Former VW CEO may keep $12 million bonus despite Dieselgate charges - Business InsiderFormer Volkswagen CEO Martin Winterkorn may be able to keep a $12 million bonus despite charges of fraud and embezzlement in the company's diesel scandal USA CORPORATE ESPIONAGE, MORE MILES PER GALLON EQUALED LESS SMOG WHEN USING OTHER CALCULATIONS-- USA COULDN'T HANDLE THE COMPETITION. ONLY CERTAIN CARS ALLOWED IN TO SELL IN USA ANYWAY.
Source: BusinessInsider - 🏆 729. / 51 Read more »