The Story of Bank Fraud at Wells Fargo Continues to Develop

Following the news in this day and age is often accompanied by the feeling of being overwhelmed. Whether the headlines are about what’s going on in Hollywood, what might happen regarding the world wide web and net neutrality, the countless number of political issues that are at the forefront of daily life, or even the latest at Wells Fargo, it can feel like the times we are living in are more hectic than ever.

While stories about bank fraud at Wells Fargo continue to roll in, we thought we’d share the latest with our readers in today’s post. Keep reading to learn more and get caught up on this story.

How It All Started

As far back as 2014, reports began to trickle in that some employees at Wells Fargo began to feel an intense pressure to make sales at any costs. A little over a year ago in September of 2016, things really started to hit the fan when it was revealed that millions of accounts had been opened by several employees. These employees also stated that their actions were undertaken because they felt that they needed to take extreme measures to meet what they believed were unrealistic goals.

The rest of 2016 saw more reports continue to trickle in as the public learned more facts about what was going on. After a number of members of the board at Wells Fargo resigned, things seemed to calm down for a period of time.

What’s Happening Now

An article at CNBC notes that “Wells Fargo bankers overcharged clients for higher bonuses” and that “of the roughly 300 fee agreements for foreign exchange trades assessed in an internal Wells Fargo review, only about 35 firms were billed the price they had been quoted.”

The Huffington Post notes that this new report comes after the bank paid a $185 million fine and that “foreign-exchange bankers were paid bonuses based only on the revenue they brought to Wells Fargo.”

All of this is happening just a few short months after a review found that there were “1.4 million more suspect accounts” opened at the bank,” according to the New York Times.

What This Means For You

While the reality of the situation is that a number of people likely did set out to benefit personally at the expense of others, other employees may not have. At the Law Offices of Robert J. DeGroot, we know that people can sometimes be accused of participating in a crime they didn’t commit.

If you have been accused of bank fraud, defense attorney Robert J. DeGroot is here to help. Our team of experts will work hard to unravel the facts and provide you with the best possible defense. At the end of the day, we believe that you deserve to have the best criminal defense attorney to help you navigate your way through a difficult time. We’re here to help, so don’t hesitate to contact us today for a free initial consultation. Regardless of your situation, you can count on us. We look forward to hearing from you!