Wells Fargo is under fire over allegations that the banking giant opened millions of accounts without first securing customer permission. According to the complaint, Wells Fargo employees used fraudulent and abusive tactics to open roughly 2 million accounts in an effort to maintain sales quotas. Reuters reports that the three plaintiffs involved in this suit allege financial damages brought about by employees doing “whatever it takes” to sell unneeded and unwanted products. Wells Fargo did not respond to a Reuters request for comment, but did suggest several thousand employees have been fired due to their involvement in this most recent scandal.
Wells Fargo has agreed to pay $190 million to settle regulatory charges in relation to the opening of these allegedly fraudulent accounts. However, the person in charge of overseeing the consumer products group, Carrie Toldstedt, is now set to retire with a $125 million retirement package and seemingly little accountability for the damages done to customers. John Stumpf, the bank’s CEO, is set to testify before Congress this week and has said he is prepared to “share Wells Fargo’s story” at the hearing.
There are many types of fraud that can result in serious financial damages. If you have been the victim of fraud, the AntiFraud Law Group can help. Please contact us online or call our Newport News office at (757) 223-4536 to schedule a free case evaluation and learn more about your rights.