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CRIME Wells Fargo Employees Caught Improperly Altering Business Customers' Docs
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  1. #1
    Join Date
    Apr 2008
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    Back in Texas!
    Posts
    8,248

    15 Wells Fargo Employees Caught Improperly Altering Business Customers' Docs

    https://www.zerohedge.com/news/2018-...mers-documents

    Wells Fargo Employees Caught Improperly Altering Business Customers' Docs
    by Tyler Durden Thu, 05/17/2018 - 09:59


    Just when you thought that after the last criminal offense by Wells Fargo (which as a reminder was pushing customers into higher-fee retirement accounts), surely there was no way Warren Buffett's favorite criminal organization would be caught again engaging in some even more bizarre criminal activity.

    Alas, it was not meant to be as Wells somehow always finds a way, and moments ago the WSJ reported that in the latest scandal involving America's largest mortgage lender, "some employees" in Wells Fargo’s business banking, aka "wholesale" unit and is separate from Wells' retail division, improperly altered information on documents related to corporate customers without their knowledge.

    The Information adjusted by Wells employees varied from social security numbers to addresses to dates of birth for people associated with business-banking clients, with the bulk of incidents reportedly taking place in 2017 and early 2018, as Wells Fargo was trying to meet a deadline to comply with a regulatory consent order related to the bank’s anti-money-laundering controls.

    In other words, to comply with regulations against fabricating client data, Wells... fabricated client data.

    The employees were also working to get documents in order prior to new requirements from another regulator for disclosures related to proof of beneficial ownership of businesses, the WSJ added. Wells Fargo only became aware of the behavior in recent months from employees and is still investigating the matter.

    While a Wells Fargo spokesman told WSJ the bank doesn’t comment on regulatory matters, he said that "this matter involves documents used for internal purposes," and added that "no customers were negatively impacted, no data left the company, and no products or services were sold as a result" although we are confident the the upcoming congressional hearings may reveals something else.

    “Over the past several months we’ve built more robust internal processes that reinforce our values, and if we find any situations where behavior violates those values, we take swift action to correct."

    Processes, such as this one, in which the bank fabricated corporate customer data.

    The altering of information within the business-banking division of Wells Fargo, which serves small firms with annual sales ranging from $5 million to $20 million, comes as the bank is continuing to grapple with the fallout from the sales-practices scandal that erupted in September 2016. That involved bank employees fabricating information to open as many as 3.5 million accounts without customers’ knowledge or authorization.

    Regulators subsequently sanctioned Wells as more problems have emerged. Wells Fargo agreed to a $1 billion settlement with two of its main regulators in April, which forced the bank to adjust reported first-quarter earnings by $800 million. The settlement focused on risk-management failures that led to improper charges to mortgage and auto-lending customers.

    Following the news, Wells Fargo stock has slumped, and is the worst performer in the KBW bank index, falling as much as 1.5% in early trading.
    If at first you don't secede, try, try again!

  2. #2
    Join Date
    Aug 2009
    Location
    Jefferson
    Posts
    6,482
    When are people going to realize that Wells Fargo is a BUNCH OF CROOKS!! They seriously need to be run out of business once and for all!!!
    We have done so much, with so little, for so long....We can now do anything, with nothing, forever.

  3. #3
    Join Date
    Jul 2005
    Location
    Happy on the mountain
    Posts
    59,758
    With RICO, why is this continuing criminal enterprise still allowed to operate?
    The wonder of our time isn’t how angry we are at politics and politicians; it’s how little we’ve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  4. #4
    Join Date
    May 2004
    Location
    2004 Soviet of Washington
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    9,282
    Looks like an attempted money laundering clean up needed on Wells Fargo aisle 6.
    Wells Fargo seems like a rat colony.
    How may terrorists is Wells Fargo assisting?
    SS
    “Then the creatures of the high air answered to the battle, .., and the woods trembled and the wind sobbed telling them, the earth shook,; the witches of the valley, and the wolves of the forests, howled from every quarter and on every side of the armies, urging them against one another.”
    ― Lady Gregory, Gods and Fighting Men: The Story of the Tuatha De Danaan and the Fianna of Ireland

  5. #5
    Join Date
    Mar 2011
    Location
    Looking Up
    Posts
    9,789
    They can't seem to go a month without being caught at something nefarious. Oddly enough Wells Fargo was the only bank that did not want the bail out money but Obunghole finally made them take it. I thought that was a good thing but maybe they had enough side action that they didn't need it. My personnel opinion, for what it is worth, all bankers are crooks especially at the top of the food chain called the Federal Reserve.
    "They wanted to be left alone to face challenges head-on, and to prosper from their own hard work and ingenuity...harsh country tends to produce strong people."-John Erickson

  6. #6
    Join Date
    May 2003
    Location
    Sierras
    Posts
    2,638
    I had documents altered at Chase several years ago. When I was rolling over an IRA account I mid-December the employee changed the date & held my deposit into the new account until January without my knowledge. I found out when IRS dinged me with an audit and a big fine! She did it to add to her next year's quota. Fortunately, I had the original document to prove it. I blew the whistle on her BIG time! IRS dropped my fine & investigated the bank employee. I was furious!

  7. #7
    Join Date
    Dec 2017
    Location
    Swimming in sea quarks
    Posts
    3,767
    If you dig deep enough, I believe you'll find 'every' multinational bank does this kind of thing. The only difference with WF is, they are just the most recent to be caught out.
    Facts?? We don't need no stinkin facts...

  8. #8
    Join Date
    Nov 2003
    Location
    Between Holy & Crap
    Posts
    119,154
    Quote Originally Posted by CarolynA View Post
    I had documents altered at Chase several years ago. When I was rolling over an IRA account I mid-December the employee changed the date & held my deposit into the new account until January without my knowledge. I found out when IRS dinged me with an audit and a big fine! She did it to add to her next year's quota. Fortunately, I had the original document to prove it. I blew the whistle on her BIG time! IRS dropped my fine & investigated the bank employee. I was furious!
    She probably did it because of pressure from above. At any rate, I hope she lost her job and maybe spent some time in jail?
    So when's the Revolution? God or Money? Choose.

  9. #9
    Join Date
    May 2001
    Location
    UK
    Posts
    32,198
    Why are they doing this, company policy or incompetence or what?

  10. #10
    Join Date
    Oct 2015
    Location
    FL
    Posts
    1,466
    Quote Originally Posted by Rayku View Post
    If you dig deep enough, I believe you'll find 'every' multinational bank does this kind of thing. The only difference with WF is, they are just the most recent to be caught out.
    I took a money laundering class when I was a detective, taught by an IRS criminal investigator. He used Wells Fargo crimes as examples of every type of bank crimes that we were taught. They make BILLIONS from these schemes and get fined millions. He had example after example of their crimes, from screwing their customers to international money laundering for various cartels. He said all banks do one thing or another wrong but Wells Fargo does them ALL.

  11. #11
    Quote Originally Posted by Thinwater View Post
    I took a money laundering class when I was a detective, taught by an IRS criminal investigator. He used Wells Fargo crimes as examples of every type of bank crimes that we were taught. They make BILLIONS from these schemes and get fined millions. He had example after example of their crimes, from screwing their customers to international money laundering for various cartels. He said all banks do one thing or another wrong but Wells Fargo does them ALL.
    Who gets the billion dollar settlement? Seems time and time again, a bank gets fined....do the pols split it?

  12. #12
    Join Date
    Sep 2008
    Location
    nw mountains
    Posts
    3,114
    You mean to tell me there is a proper way to swindle customers?
    The word Bipartisan usually means some larger-than-usual deception is being carried out. George Carlin

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