When Will THE GREED FUKKIN STOP?: Wells Fargo BUSTED For Creating Sham Bank Accounts

[SirReginald]

It just won't stop

Wells Fargo sued for fraud, negligence on behalf of bank and brokerage customers
38 Mins AgoReuters
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Wells Fargo embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior.


The lawsuit was filed in the U.S. District Court in Utah, and seeks class-action status on behalf of hundreds of thousands of customers nationwide.

Wells Fargo declined to comment to CNBC.

Last week, the San Francisco-based lender agreed to pay $190 million to settle regulatory charges that employees opened some 2 million accounts without customers' knowledge, in order to meet sales targets.

Wells Fargo, the country's third-largest bank by assets, has said it has fired 5,300 people over the matter and would eliminate sales goals in its retail banking on Jan. 1, 2017.

Federal prosecutors have begun examining Wells Fargo's practices, and the bank's Chief Executive Officer John Stumpf is scheduled to testify before Congress next week.

In the complaint, three plaintiffs said customers were hurt by "abusive and fraudulent tactics" used by employees who felt they had to "do whatever it takes," including selling products they did not need or want, to meet sales quotas.

It was not immediately clear how the three named plaintiffs were specifically harmed by the bank's alleged wrongdoing.

The case is Mitchell et al v. Wells Fargo Bank NA et al, U.S. District Court, District of Utah, No. 16-00966.

— CNBC.com contributed to this report

Wells Fargo sued for fraud, negligence on behalf of bank and brokerage customers

 

[The Prince of All Saiyans]

you wouldn't do it if you could?

 

[SirReginald]

@Aelyas en passant @CACtain Planet @FAH1223 @JahFocus CS @King Kreole @ineedsleep212

 

[SirReginald]

you wouldn't do it if you could?

Nope and now I'm about to close my Wells Fargo's account.

 

[Tom Foolery]

We already have a thread on this.
http://www.thecoli.com/threads/well...reating-over-2-million-phony-accounts.461633/

System is being exposed. Get your money ready for a dip in the market.

 

[Llcoolbay]

Business exist to make profit...thats what I learned in school anyway

 

[SirReginald]

We already have a thread on this.
http://www.thecoli.com/threads/well...reating-over-2-million-phony-accounts.461633/

System is being exposed. Get your money ready for a dip in the market.

Thanks for that link. I'll just use this one as a spin. I'm thinking of joining a private bank.

 

[Ashley Banks]

you wouldn't do it if you could?

that's messed up

 

[Family Man]

Y'all can fukk with these brick and mortar banks if you want.

 

[SirReginald]

Y'all can fukk with these brick and mortar banks if you want.

It's best to go private at this point.

 

[Arithmetic]

 

[The Prince of All Saiyans]

that's messed up

feigning being rich online becoming rich via means of taking whatever I want

 

[Ashley Banks]

feigning being rich online becoming rich via means of taking whatever I want

That's messed up breh

Wait who's feigning being rich?

 

[KidJSoul]

One of the couple of a reasons to hate the world sometimes. People at the top just don't care about others lives.

 

[FLATOP]

People who plot to steal millions of dollars (or more) from taxpayers or customers should face capital punishment