BROWSE BY TOPIC
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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.