BROWSE BY TOPIC
Stories of Interest
- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Criminal Charges a Possibility for Wells Fargo Execs
[Image: Robert Arial / TheState.com]
What did you know?
When did you know it?
Did you hide or withhold information?
As federal officials conduct their expanding investigation into the sales scandal at Wells Fargo, and former employees are called up to testify before federal grand juries, we learn of growing concern among bank executives that some of their colleagues may face criminal charges. And, even if executives avoid criminal charges, they may still face civil charges from federal regulators that can result in fines and suspensions or bans from financial services.
Presently, Department of Justice investigators are interviewing bank examiners and former bank employees are being called to testify before a federal grand jury. The focus is to learn what bank executives knew about the sales scandal, when they knew about it, and whether they purposely withheld information from Wells Fargo directors and/or regulators.
Even if executives are not charged with criminal misconduct, they could face civil penalties including fines or a ban from the banking industry. Wells has already fired some executives and clawed back portions of their pay.
Frankly, if there were lies and cover-ups, then it’s just a matter of time before the truth comes out. Inconsistencies will be detected from the mountain of evidence that is being assembled from bank reviews and federal investigations. And later on, rounds and rounds of testimony from lawsuits will likely confirm what the investigations uncover. Wells Fargo customers and former employees want the truth to come out and for justice to prevail.
SIDE NOTE. If it weren’t for the CFPB, or Consumer Financial Protection Bureau, the Wells Fargo sales scandal may never have come to light. So it’s with deep concern and consternation that we watch the Trump administration and Congressional leaders try and destroy this federal watchdog and its director, Richard Cordray.