$3.5B settlement + $185M fine from CFPB = $3.685B in fines
$3.685B % 2M = a little under $2,000
So it only cost WF $2k per fake account.
Am I missing something??
That doesn’t seem like enough of a deterrence going forward (to say nothing of the fact that people actually impacted by this fraud are not getting $2k per fake account set up under their name)
Agreed, Rosenblatt. One has to wonder why people still use this bank. I asked a relative that has used this bank for years that question a week ago and she wasn’t aware of any of their scandals.
Wells Fargo is still making Fake accounts and closing on Falsified claims on properties even after their admission of FRAUD and opening Fake accounts. If they were sincere about
cleaning up their banks, they would start by STOPPING these Falsified Fraud Foreclosure that is already in process. Wells Fargo is far more corrupt than it has been discovered yet, Charles Schraf admitted Fraud and opening Fake accounts on February 21, 2020 and went ahead and foreclosed on a property on February 27, 2020 and had the audacity to write a letter claiming to offer options, to retain the property. The problem is they do not own that property, fake documents, they knew but keep covering their as usual while still indulging in Fraud upon the consumer. Wells Fargo needs to be SHUT-DOWN. We found falsified checks, they forged and deposited, taking money out of the customer’s account, that should get them 30 years in Criminal Court. Well Fargo is worse than Bernie Madoff.
Stop th e FInancial Rape now. People work hard for their homes and lives, only to have their homes taken like Candy from a baby. Boycott Wells Fargo, write letters of protest!.
1.5M fake deposit accounts + 500,000 fake credit cards = 2M fake accounts
$3.5B settlement + $185M fine from CFPB = $3.685B in fines
$3.685B % 2M = a little under $2,000
So it only cost WF $2k per fake account.
Am I missing something??
That doesn’t seem like enough of a deterrence going forward (to say nothing of the fact that people actually impacted by this fraud are not getting $2k per fake account set up under their name)
Agreed, Rosenblatt. One has to wonder why people still use this bank. I asked a relative that has used this bank for years that question a week ago and she wasn’t aware of any of their scandals.
Good point. I’ve only seen one national story on this scandal spanning years of possible coverage.
Wells Fargo is still making Fake accounts and closing on Falsified claims on properties even after their admission of FRAUD and opening Fake accounts. If they were sincere about
cleaning up their banks, they would start by STOPPING these Falsified Fraud Foreclosure that is already in process. Wells Fargo is far more corrupt than it has been discovered yet, Charles Schraf admitted Fraud and opening Fake accounts on February 21, 2020 and went ahead and foreclosed on a property on February 27, 2020 and had the audacity to write a letter claiming to offer options, to retain the property. The problem is they do not own that property, fake documents, they knew but keep covering their as usual while still indulging in Fraud upon the consumer. Wells Fargo needs to be SHUT-DOWN. We found falsified checks, they forged and deposited, taking money out of the customer’s account, that should get them 30 years in Criminal Court. Well Fargo is worse than Bernie Madoff.
Stop th e FInancial Rape now. People work hard for their homes and lives, only to have their homes taken like Candy from a baby. Boycott Wells Fargo, write letters of protest!.
CFA Franc BEAC