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The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. In 2023, she would plead guilty to obstructing a bank examination.
Former Wells Fargo executive Carrie Tolstedt was sentenced to three years’ probation on Friday for her role in the bank’s sprawling fake-accounts scandal.
Reuters. August 9, 2024 at 8:59 AM. A man walks by an ATM at a Wells Fargo & Co. bank. The Consumer Financial Protection Bureau is investigating major U.S. banks for their handling of customer ...
Customers harmed by the fraudulent sales practices would receive a total of $142 million in compensation under a class-action settlement, according to a 2017 statement from Wells Fargo. U.S. Bank ...
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Zelle, which is run by Early Warning Services, a financial technology company owned by seven banks, including Wells Fargo, said in a statement that it has driven down fraud and scam rates through ...
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