Wells Fargo

Wells Fargo Scandal Scorecard: 5,300 Workers Fired, Zero Execs Prosecuted

2020-12-31 00:00:00 +0000 UTC | Importance: 10/10

After nearly a decade of systematic fraud, multiple investigations, Congressional hearings, and billions in penalties, the Wells Fargo fake accounts scandal concludes with a stark scorecard that defines two-tiered justice in American finance: 3.5 million fraudulent accounts affecting millions of …

Wells Fargo John Stumpf Carrie Tolstedt Department of Justice corporate-fraud wells-fargo two-tiered-justice corporate-accountability systemic-analysis

DOJ Declines Criminal Prosecution of Wells Fargo Executives

2020-02-21 00:00:00 +0000 UTC | Importance: 10/10

The Department of Justice announces it will not bring criminal charges against any Wells Fargo executives for their roles in the fake accounts scandal, instead accepting a deferred prosecution agreement with the corporation. Despite Wells Fargo’s admission that “top Community Bank …

Department of Justice William Barr Wells Fargo corporate-fraud wells-fargo doj prosecutorial-discretion two-tiered-justice

Wells Fargo Revises Fake Account Count to 3.5 Million, Up 67%

2017-08-31 00:00:00 +0000 UTC | Importance: 9/10

Wells Fargo announces that its fake accounts scandal affected approximately 3.5 million accounts—a 67% increase from the initial estimate of 2.1 million accounts disclosed during the 2016 settlement. The revised analysis covers January 2009 to September 2016, nearly twice the timeframe of the …

Wells Fargo Timothy Sloan corporate-fraud wells-fargo banking-regulation

Wells Fargo Fined $185 Million for Creating 2 Million Fake Accounts

2016-09-08 00:00:00 +0000 UTC | Importance: 9/10

The Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and Los Angeles City Attorney announce a combined $185 million settlement with Wells Fargo for the systematic creation of more than two million unauthorized deposit and credit card accounts. The CFPB assesses a $100 …

Wells Fargo John Stumpf Consumer Financial Protection Bureau (CFPB) Richard Cordray corporate-fraud banking-regulation wells-fargo regulatory-capture cfpb

38 Studios Files Chapter 7 Bankruptcy After $75 Million Rhode Island Loan Guarantee, Leaving Taxpayers with $38.6 Million Loss

2012-06-07 00:00:00 +0000 UTC | Importance: 8/10

On June 7, 2012, 38 Studios LLC—the video game development company founded by former baseball star Curt Schilling—files for Chapter 7 bankruptcy with $151 million in debt and just $22 million in assets, leaving Rhode Island taxpayers to absorb $38.6 million in losses from a $75 million state loan …

Curt Schilling 38 Studios LLC Rhode Island Economic Development Corporation Lincoln Chafee Wells Fargo +1 more corporate-welfare economic-development bankruptcy taxpayer-losses rhode-island +3 more

25 Billion Mortgage Settlement Provides Banks Immunity for Minimal Payments

2012-02-09 00:00:00 +0000 UTC | Importance: 8/10

$25 billion settlement with five major banks over foreclosure abuses provides limited relief to homeowners. The agreement settled widespread ‘robosigning’ practices where banks mass-signed foreclosure documents without proper review. While nominally $25 billion, only $1.5 billion went …

Eric Holder Bank of America JPMorgan Chase Wells Fargo Citigroup +2 more prosecutorial-capture settlement-abuse foreclosure-fraud immunity-deal financial-corruption +1 more

Robo-Signing Scandal Exposes Systematic Foreclosure Fraud by Major Banks

2010-10-13 00:00:00 +0000 UTC | Importance: 8/10

Bank of America announces a nationwide halt to foreclosures after revelations that employees signed thousands of foreclosure affidavits without reviewing the underlying documents, a practice dubbed “robo-signing.” The scandal exposes systematic fraud in the foreclosure process, with …

Bank of America JPMorgan Chase Wells Fargo GMAC Mortgage Office of the Comptroller of the Currency +1 more foreclosure-fraud robo-signing housing-crisis regulatory-failure housing

Wells Fargo Hires SEC Enforcement Chief Two Weeks Before Representing Bank in Pending Cases

2010-05-15 00:00:00 +0000 UTC | Importance: 8/10

An enforcement branch chief in the SEC’s San Francisco office left the agency in May 2010 to become in-house counsel at Wells Fargo & Co. Less than two weeks after joining Wells Fargo, she filed six disclosure statements indicating she would be representing the bank in connection with …

Wells Fargo Securities and Exchange Commission (SEC) SEC San Francisco Office revolving-door wells-fargo sec regulatory-capture enforcement +1 more

Robo-Signing Scandal Exposed Systematic Foreclosure Document Fraud

2010-04-14 00:00:00 +0000 UTC | Importance: 8/10

Investigation reveals major banks systematically falsified foreclosure documents through ‘robo-signing’, affecting 3.8 million homes. Employees at major lenders signed thousands of foreclosure affidavits without verifying information, creating a massive documentation fraud that …

Bank of America JPMorgan Chase Wells Fargo Citigroup GMAC financial-crisis fraud foreclosure-abuse perjury

OCC Federal Preemption Blocks State Anti-Predatory Lending Protections

2004-01-13 00:00:00 +0000 UTC | Importance: 8/10

The Office of the Comptroller of the Currency (OCC) under John Hawke Jr. issues sweeping federal preemption rules that override state consumer protection laws targeting predatory lending practices. This regulatory capture systematically dismantles state-level safeguards that attorneys general like …

OCC John Hawke Jr Julie Williams Eliot Spitzer National City Bank +2 more occ-preemption state-law-override predatory-lending regulatory-race-to-bottom consumer-protection +1 more