If you can consider it, pretty much two total months of 2018 managed to move devoid of some new malfeasance or prospective malfeasance or incompetence or prospective incompetence or skullduggery or prospective skullduggery emerging at Wells Fargo. Certain, one of those two months was the shortest of the yr, but even now: Spectacular. And even additional so when you realize that Wells managed to get by means of the final month and a 50 percent of final yr devoid of possessing some new scandal break or new investigation opened or particular person fired for complaining about the entities partaking in those investigations and the fines they levy at the close of them.
Alas: Wells could not get by means of February devoid of looking at that streak close.
Matthew Valles, a former fraud investigator for Wells Fargo in Portland, Ore., explained the bank fired him in January in retaliation for his internal issues about “hundreds” of mishandled fraud investigations….
Wells Fargo clients, nonetheless, have complained that the bank was as well speedy to freeze or close accounts after indications of fraud — even if they on their own described the suspicious exercise. The shopper bureau’s issues databases contains dozens of stories from aggrieved clients who explained their accounts had been shut down after they were victimized. Some clients who unknowingly deposited pretend checks, for occasion, explained their accounts had then been terminated, frequently with tiny warning or clarification.
Nor shall March mark the beginning of a new streak:
Wells Fargo on Thursday disclosed the board’s investigation in a securities submitting, expressing it was “in reaction to inquiries from federal federal government agencies.”
The bank explained the board’s evaluation is examining “whether there have been inappropriate referrals or recommendations, together with with regard to rollovers for 401(k) approach participants, specified alternative investments, or referrals of brokerage clients to the company’s financial investment and fiduciary solutions business.”
Wells Fargo Accused of Harming Fraud Victims by Closing Accounts [NYT]
Wells Fargo’s Prosperity Management Unit Appeals to Justice Department Notice [WSJ]