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- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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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.