Wells Fargo crimes
I swear, some people are so dumb. I can’t believe how dumb they are. They are way dumber than I am. The dumbest people I know are those who do their banking at Wells Fargo. The very minute you walk through the doors of a Wells Fargo Bank, they’re putting their hands into your pockets to steal everything they can from you. If you don’t believe me maybe you will take the word of the Wall Street Journal as listed below. Wells Fargo’s crimes include (this is just a few):
- November 2009 — it had to buy back $1.4 billion for misleading investors.
- May 2011 — fined $1 million by FINRA for failing to send disclosure documents to customers. That same month, fined $16 million to settle charges of violating the Americans with Disabilities Act.
- July 2011 — fined $125 million for misrepresenting the quality of pools of mortgage-related securities. That same month, fined $85 million for steering customers with good qualifications into costly subprime mortgage loans during the housing boom.
- November 2011 — fined $37 million to settle a lawsuit accusing it of municipal bond bid-rigging.
- December 2011 — fined $2 million for improper sales of reverse convertible securities. That same month, fined 2.1 million for failing to properly supervise the sale of exchange-traded funds.
- February 2012 — fined $25 billion settlement with the federal government and state attorneys general to resolve allegations of loan servicing and foreclosure abuses. The New York Attorney General later sued Wells Fargo for breaching the terms of that settlement.
- July 2012 — fined $175 million to settle charges that it engaged in a pattern of discrimination against African-American and Hispanic borrowers in its mortgage lending during the period from 2004 to 2009.
- August 2012 — fined $6.5 million to settle SEC charges that it failed to fully research the risks associated with mortgage-backed securities before selling them to customers such as municipalities and non-profit organizations.
- January 2013 — fined $8.5 billion to resolve claims of foreclosure abuses. A few months later, fined $42 million to promote Latino homeownership and neighborhood stabilization.
- October 2013 — fined $869 million to repurchase home loans the bank had sold to the mortgage agency, Freddie Mac, that did not conform to the latter’s guidelines.
- December 2014 — fined $4 million as part of a case against ten investment banks for allowing their stock analysts to solicit business and offer favorable research coverage in connection with a planned initial public offering of Toys R Us in 2010.
- March 2016 — defrauding investors of $75 million.
- April 2016 $1.2 billion.
- August 2016 — $4 billion.
- September 2016 — fined $100 million and later $35 million and $40 million.
- April 2017 — paid $5.4 million in back pay, damages and legal fees to a bank manager who had been terminated in 2010 after reporting suspected fraudulent behavior to superiors and a bank ethics hotline.
- July 2017 — more than 800,000 customers who had taken out car loans with Wells Fargo were charged for auto insurance they did not need.
- August 2017 — it was discovered that Wells Fargo had opened thousands of bogus undisclosed accounts. Several weeks later, the bank disclosed that the number of bogus accounts that had been created was actually 3.5 million, a nearly 70 percent increase over the bank’s initial estimate.
- February 2018 — Wells Fargo barred from growing any larger.
- February 2018 — fined $1 billion for selling unnecessary products to customers and other improper practices.
- May 2018 — fined $480 million to settle a class-action lawsuit filed by shareholders accusing the company of making false statements about its business practices.
- August 2018 — fined $2.09 billion to resolve a Justice Department case involving the misrepresentation of the quality of loans used in residential mortgage-backed securities the bank issued in the period leading up to the financial crisis.
- December 2018 — fined $575 million to settle claims brought by all 50 states and the District of Columbia in connection with a variety of questionable practices.
The reason I bring this up again is that finally, the government is going after those private individuals associated with the bank’s crimes. This is an unprecedented move by the government and it has been long in coming. These individuals won’t spend a day in jail but they have been hit hard where it hurts them the most, in their pocketbook.
The Office of the Comptroller of the Currency, an arm of the Treasury Department, has fined former Wells Fargo CEO, John Stumpf $17.5 million dollars and banned him for life from working in the banking industry. The agency also penalized two other senior officials at Wells Fargo and charged five others. Among those five is Carrie Tolstedt (head of retail banking at Wells Fargo) against whom the OCC is seeking a penalty of $25 million.
Ha, take that you bastards!
A response from a Wells Fargo insider:
Dear Mr. Sanders…
I am a former team member at WF. Seeing that bitch Carrie Tolstedt get fined 25 million was music to many of us… finally, a dirtbag bites the dirt…. She knew FULLY well all about what she was doing…
One point you missed out on.. I am a loan officer, still doing loans and my focus or niche is VA loans. Wells Fargo was fined 128 Million dollars by DOJ and VA for charging a “special VA fee of $699 per loan.”
I have done loans for 24 years. VA all 24 of them. FIRST PAGE in contract between VA and BANK , second paragraph states “ as a lender for VA you are NOT allowed to charge ANY fees to the Veteran and the loan is priced so the bank makes the fees in the monies you have agreed to get from us (VA) to do these loans for our people.
A rocket scientist (executive RETARD) as WF saw a closing statement for a VA loan and said “why are not these deadbeats paying us any fees on these loans?“ instead of waiting to get WF compliance to return his email stating that he or WF was not allowed to charge this fee, he made it his quest to put a feather in his shit cap to impress the other retards at the bank and this went on until about 100 vets complained having read the VA web site (which can be accessed by a 5 year old with a crayon) which states the banks cannot many ANY fees and surely not any special fees on the VA Loan.
VA underwriters I worked with omitted the fees , because they are illegal and not allowed, because underwriters, like myself have individual licenses to do loans and just took that fee out and most never disclosed it nor added it back in because it was not ethical. This same retard who implemented this scam put a lot of pressure on everyone to begin charging the fee and no one did except those kissing ass to brown nose their way up the food chain.
My manager REFUSED to let us charge it and told us that he told managers higher up to fuck off… because it is written into the VA loan guidelines we ALL can access. A teller can access this.
Tollstedt fails to grasp how many emails she sent out… stating that it did not matter how the accounts were created.. just do it.. and former leader before Stumpf has a saying “Eight is great” who Tollstedt had her nose so far up his ass she could no longer think for herself.
WHY DID THIS ALL HAPPEN.. I have my own theory. I am using the lending platform as an example since it is one area I have and know very well.
I am going to compare this shit bank with B of A. I worked for B of A for a year and then went back to brokering … B OF A was the cleanest bank in terms of ethics I have ever seen. (been at 4 major large banks) Brian Moynahan is a stand up guy. I met his second in charge personally.. refreshing..
Now the lending platform for both B of A and WF are same in volume and dollars.
At WF between me and Stumpf and Sloan there were 16 layers of managers.. above my manager they did not do JACK SHIT. A “bullshit job” pecking order nepotistic hierarchy where you are rewarded for past performance from 20 years ago and it is a cesspool of bad decisions and nepotism 14 of these managers I did not even know the names of nor what they did or how they contributed.
An article should be done on Liz Bryant and Mike DeVito… both in mortgage division. Liz Bryant on her linked in profile LIES about having a degree from ASU. . and LIES about having worked as loan officer in my position.. both states where she claims to have worked 20 years ago have no licensing record of her ever doing loans with consumers. Mike DeVito agrees to spend 1 billion dollars of shareholders money on a online loan application that does not work and has not worked since they bought it… instead of cancelling the contract DeVito and his brown nosing buddies all have one another backs and still are pushing that agenda… I had a client MIT graduate in IT technology who simply gave up on it and went to quicken loans.. he said that whoever bought it was a retard.. I could not argue with that.. LOL
AT B of A there were 6 layers of managers between me and CEO. I knew the 4 above me.. all industry qualified people who KNOW the business very well. NOT one bullshit job… everyone above me worked as hard as I did.
So at Wells Fargo there are so many layers of nepotism that no one wants to nor has to work at all. there are offices where employees go into daily who no one knows what they really do.
As a shareholder after leaving the bank I wrote to Warren Buffett and shared this and also to some of the large investors.. of course no response… I DO NOT CARE and not even annoyed… it is a sinking ship..
WF needs to be indicted on RICO statutes..
TOLLSTEDT needs to burn at the stake figuratively because she was the key architect of this scam environment.. the other rats saw her making bank on bonuses and jumped on the band wagon.
Her mantra was to the lowest of levels people in production was to focus on “8 is great” like some sorority pep rally saying..
I have been in production my entire career.. . TO ME this term means I AM THE ONE CREATING THE PERSONAL RELATIONSHIP with the client.. Ironically TOLLSTEDT has NEVER EVER worked in a position where she was face to face with the consumers.. EVER. most of top level brass at WF is like this. DeVito who wins the award for RETARD of the decade has never been outside the Des Moines office….
CORE the internal software at WF has now cost shareholders 4 billion dollars and barely functions… again managers and executives getting their pockets lined on kick backs and corruption.. like the car insurance scam
The car insurance scam was “set up on an automatic program that if the consumers “soft hit” credit score dropped below 680 it would automatically begin charging the car insurance… and the company who sold the insurance and the WF execs who were their buddies made BANK.. license to steal.. the list goes on and on.
Someone should publicly humiliate Tollstedt and ask her if she wants 100’s if not 1000’s of employees to present to the DOJ her emails putting insane pressure on front line production people to FORCE them to sell fake accounts and she KNEW they were fake… she did not care.. raking in fat bonuses..
To read she had integrity is like reading that the local sex offender and child molestor is put in charge of the local day care.. and made the manager of all day cares..
Thanks for the article and I was wondering if you can send me a PDF of the article so I can frame it… it made my decade reading it. someone finally made a list. I want to mass print it and go put it on all of the cars parked at WF locally.
DISCLAIMER: Use of the “R” word was the responsibility of the letter writer and does not reflect verbiage normally sanctioned by iPinionSyndicate.