Former Wells Fargo CEO Fined $17.5 Million For Fake Accounts Fiasco

The OCC Has Personally Fined Former Wells Fargo CEO John Stumpf $17.5 Million For Fake Accounts Fiasco

wells fargo CEO
Wells Fargo indicated just over a week ago that the fallout from its fake account scandal was far from over. The bank is disclosing that it has at least $3.1 billion set aside for expected litigation payouts. In addition, former Wells Fargo CEO John Stumpf will have to pay $17.5 million in fines to regulators.
Wells Fargo executives are feeling the fallout for failing to prevent the fake account scandal.
The Office of the Comptroller of the Currency announced it is dropping the hammer on several of the bank’s former executives.

Wells Fargo CEO John Stumpf Oversaw Massive Scam

wells fargo ceo
The trouble all began in 2016, when the CFPB, the OCC, and the City and County of Los Angeles fined the bank $185 million.
More than 5,000 of the bank’s former employees opened nearly 2 million fake accounts.
As a result of the scandal, former Wells Fargo CEO John Stumpf promptly resigned from his positions.
Wells Fargo took additional action to address the issues that led to the fines. They revoked 2016 bonuses for its top executives and fired four senior managers. They also outed another two executives and splitting the role of chairman and CEO.

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