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The OCC also barred former CEO Stumpf from ever working at a bank again and ordered that he pay $17.5 million for his role in the scandal. Last month, the Office of the Comptroller of the Currency (OCC) charged former Wells Fargo executives for their roles in the sales scandal. Attorney Nick Hanna added, “Simply put, Wells Fargo traded its hard-earned reputation for short-term profits, and harmed untold numbers of customers along the way.” Attorney for the Western District of North Carolina, said, "Today's announcement should serve as a stark reminder that no institution is too big, too powerful or too well-known to be held accountable and face enforcement action for its wrongdoings." John Stumpf, Wells Fargo’s chief executive at the height of the scandal, was forced to resign. Wells Fargo subsequently dealt with civil and criminal lawsuits and paid out over $2.7 billion, not including the recent penalties. The fraud started to gain wider attention in 2016 when a group of government regulatory agencies fined the company a combined $185 million.
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The avalanche of complaints drew the attention of regulatory agencies. This was made possible by “pinning”-a process in which the customers PIN number was set to “0000,” so that bankers could readily control their clients’ accounts and keep them in the dark.Įventually, many of the bank’s customers noticed and questioned the fees on accounts they didn’t request or realize that they owned.
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Employees were accused of creating fraudulent checking and savings accounts by moving money out of existing accounts into the new ones. They started using their own contact information on forms to prevent customers from discovering the scam. To reach the sales goals set forth by the company, bank branch staff resorted to inappropriate activities.