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Wells Fargo ex-CEO fined $17.5m, faces lifetime ban from banking

Wells Fargo ex-CEO fined $17.5m, faces lifetime ban from banking

Federal regulators are fining former Wells Fargo CEO John Stumpf $17.5 million and banning him from the banking industry. The charges result from pressuring employees to meet unreasonable goals causing them to illegally open millions of fake accounts without customers’ consent. Stumpf is one of seven executives fined over $58 million in civil penalties.

infovore
infovore
atlas shrugged
atlas shrugged 6 months

Hmm, can he get a government bailout to pay the fine? Seems only fair...

Based Haole
Based Haole 6 months

Remember kids if your poor and break the law you go to jail. But if you're rich....you just get a bill for getting caught ya big dummy

is it 2021 yet?
is it 2021 yet? 6 months

He should be imprisoned. Instead he pays a seemingly large penalty but will be left with a mountain of wealth still. White collar criminals need to go to prison.

T3hGladiator
T3hGladiator 6 months

Good, I hate Wells Fargo. Odd fines, added accounts it's a mess, and that was just mine. 10 years after my Mother closed her account she got a bill for over a grand from them.

Fin
Fin 6 months

Can't fine their asses enuff...

infovore
infovore 6 months

Financial executives should be personally responsible when they intentionally induce employees to take illegal actions. I wish we had known that before the great recession.

Deborah
Deborah 6 months

Just curious what portion of that fine goes to the actual victims?

Fin
Fin 6 months

About damn time..what a corrupt pack of thieves n weasels

infovore
infovore 6 months

Moderator tells me I need to “cover additional executives and additional suit against Stumpf” also Insee “1. Summary should be longer than title” 1. I don’t see any other executives in the linked articles. The story is that the ex-CEO is being fined 17.5m dollars. 2. I don’t see anything about additional suits. If there are though they aren’t the major story. 3. There ain’t room for more detail, and I have already included the most important points given 400 characters. 4. My summary is much longer than the title. I feel like the mod is not paying attention.

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