Wells Fargo bank was fined $185 million by the US federal government as punishment for over 2 million counts of fraud, identity theft, forgery, and countless other criminal acts as part of the bank’s five-year scam to open customer accounts without their knowledge or consent. By comparison, Wells Fargo makes an average $5 billion in profit every three months.
“You screwed student loan holders, credit unions, Fannie Mae, Freddie Mac, mortgage holders, African Americans, Hispanics, healthcare workers, on and on and on…You, on the other hand, have run an enterprise that has a culture of corruption. You encouraged subordinates to abuse existing customers by opening fake bank accounts…In my opinion, you and your entire leadership team are clearly and unequivocally guilty of at least Conspiracy to Commit Fraud, Conspiracy to Commit Identity Theft, clearly Racketeering which is something my friends know something about, and probably a dozen other crimes…Your problem is coming. It’s not today. You think today is tough? It’s coming. When the prosecutors get a hold of you, you’re gonna have a lot of fun.”
-US Rep Mike Capuano (D-MA) to Wells Fargo CEO John Stumpf on 9/29/16
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