//
you're reading...
2016, banking, banks, banksters, Economic collapse, fraud, global economy, other, Wells Fargo

Wells Fargo: Systemic Internal Fraud – Over 2 Million Fake Customer Accounts Created to Generate Fees – 5,300 FIRED

“On Thursday, Wells Fargo was fined $185 million, (including a $100 million penalty from the Consumer Financial Protection Bureau, the largest penalty the agency has ever issued) for engaging in pervasive fraud over the years which included opening credit cards secretly without a customer’s consent, creating fake email accounts to sign up customers for online banking services, and forcing customers to accumulate late fees on accounts they never even knew they had. Regulators said such illegal sales practices had been going on since at least 2011.

In all, Wells opened 1.5 million bank accounts and “applied” for 565,000 credit cards that were not authorized by their customers.

Wells Fargo told to CNN that it had fired 5,300 employees related to the shady behavior over the last few years. The firings represent about 1% of its workforce and took place over several years.  The fired workers went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.

How Wells perpetrated fraud is that its employees moved funds from customers’ existing accounts into newly-created accounts without their knowledge or consent, regulators say. The CFPB described this practice as “widespread” and led to customers being charged for insufficient funds or overdraft fees, because the money was not in their original accounts. Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent, the CFPB said the analysis found. Many customers who had unauthorized credit cards opened in their names were hit by annual fees, interest charges and other fees.

According to the NYT, regulators said the bank’s employees had been motivated to open the unauthorized accounts by compensation policies that rewarded them for drumming up new business. Many current and former Wells employees told regulators they had felt extreme pressure to expand the number of new accounts at the bank.

And, since it is US government policy never to send a banker to prison, they thought that engaging in criminal behavior was not such a bad idea….”

Wells Fargo is America’s biggest mortgage lender.  But even when banksters and politicians are in bed together, they still need fraud to be profitable in this collapsing economy – due to unravel into economic chaos THIS FALL.  You won’t care who is going to be president in 2017 if you can’t feed your kids by the end of 2016.  I still think economic collapse could lead to THIS in 2016.

For the full original article:

Wells Fargo Fires 5,300 For Engaging In Massive Fraud, Creating Over 2 Million Fake Accounts

Advertisements

About David Montaigne

Historian, investigator, and author of prophecy books like End Times and 2019, and Antichrist 2016-2019

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Nostradamus and the Islamic Invasion of Europe

The 16th century French prophet Nostradamus wrote thousands of predictions but his main theme is the military invasion of Europe by an Islamic alliance of nations in the early 21st century.

End Times and 2019

End Times and 2019

Astronomical alignments described in the Bible and other prophecies tell us WHEN the visions of prophetic events will occur - and they s point to an END in December 2019

Follow END TIMES PROPHECY on WordPress.com

Translate This!

%d bloggers like this: