Wells Fargo to Pay $3B to U.S. to Settle Fake Accounts Scandal

By , and | February 24, 2020

  • February 24, 2020 at 12:24 pm
    Rosenblatt says:
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    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)

    • February 24, 2020 at 2:12 pm
      perplexed says:
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      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.

      • February 24, 2020 at 2:15 pm
        Andrew says:
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        Good point. I’ve only seen one national story on this scandal spanning years of possible coverage.

  • March 24, 2020 at 6:13 pm
    Nancy L. Fenton says:
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    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!.

  • May 5, 2020 at 8:50 am
    Regional says:
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    CFA Franc BEAC



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