All's Well That Ends Wells Fargo
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Wells Fargo (WF) has stolen money, homes, vehicles, identities, jobs and much more from countless, innocent people. Their list of crimes is long and additional crimes surface almost every, single day.
Here is a list of some of their crimes to date:
In November 2009, WF had to agree to buy back $1.4 billion in auction-rate securities to settle allegations by the California attorney general of misleading investors.
In May 2011, WF was fined $1 million by FINRA for failing to send disclosure documents to customers. That same month, WF agreed to pay up to $16 million to settle charges of violating the Americans with Disabilities Act.
In July 2011, WF agreed to pay $125 million to settle a lawsuit in which a group of pension funds accused it of misrepresenting the quality of pools of mortgage-related securities. That same month, the Federal Reserve announced an $85 million civil penalty against Wells Fargo for steering customers with good qualifications into costly subprime mortgage loans during the housing boom.
In November 2011, WF agreed to pay at least $37 million to settle a lawsuit accusing it of municipal bond bid rigging. The following month, FINRA fined it $2 million for improper sales of reverse convertible securities and later another $2.1 million for failing to properly supervise the sale of exchange-traded funds.
Wells Fargo was one of five large mortgage servicers that in February 2012 consented to a $25 billion settlement with the federal government and state attorneys general to resolve allegations of loan servicing and foreclosure abuses. The New York Attorney General later sued Wells Fargo for breaching the terms of that settlement.
In July 2012 the U.S. Justice Department announced that Wells Fargo would pay $175 million to settle charges that it engaged in a pattern of discrimination against African-American and Hispanic borrowers in its mortgage lending during the period from 2004 to 2009.
In August 2012, WF agreed to pay $6.5 million to settle SEC charges that it failed to fully research the risks associated with mortgage-backed securities before selling them to customers such as municipalities and non-profit organizations.
In January 2013 WF was one of ten major lenders that agreed to pay a total of $8.5 billion to resolve claims of foreclosure abuses. A few months later, WF settled a lawsuit alleging that it neglected the maintenance and marketing of foreclosed homes in black and Latino areas by agreeing to spend at least $42 million to promote home ownership and neighborhood stabilization.
In October 2013 Freddie Mac announced that WF would pay $869 million to repurchase home loans the bank had sold to the mortgage agency that did not conform to the latter's guidelines.
In December 2014 FINRA fined WF Securities $4 million as part of a case against ten investment banks for allowing their stock analysts to solicit business and offer favorable research coverage in connection with a planned initial public offering of Toys R Us in 2010. Toy R Us is filing bankruptcy as we write this.
In March 2016 the SEC charged WF with defrauding investors in a municipal bond offering to finance 38 Studios, a Rhode Island startup video game company founded by former Boston Red Sox pitcher Curt Schilling that eventually went bankrupt, leaving the state on the hook for $75 million in debt.
In April 2016 the Justice Department announced that WF would pay $1.2 billion to resolve allegations that the bank certified to the Department of Housing and Urban Development that certain residential home mortgage loans were eligible for Federal Housing Administration insurance when they were not, resulting in the government having to pay FHA insurance claims when some of those loans defaulted.
In August 2016 the Consumer Financial Protection Bureau (CFPB) announced that Wells Fargo would pay a penalty of $3.6 million plus $410,000 in restitution to customers to resolve allegations that it engaged in illegal student loan servicing practices.
In September 2016 the CFPB imposed a fine of $100 million against Wells Fargo in connection with the revelation that for years bank employees were creating more than two million new accounts not requested by customers, in order to generate illicit fees. The company also paid $35 million to the Office of the Comptroller of the Currency (OCC) and $50 million to the City and County of Los Angeles.
The case generated a major scandal, and the bank's CEO John Stumpf was denounced in a Senate hearing and then one in the House. CEO Stumpf was forced to return about $41 million in compensation, but this did not diminish the controversy. The California Treasurer announced that the state would suspend many of its business dealings with the bank; Chicago later did the same. Stumpf subsequently gave in to the pressure and resigned. The bank later clawed back an additional $75 million from Stumpf and another former executive, Carrie Tolstedt .
Wells Fargo agreed to pay $50 million to settle a class action lawsuit alleging that the bank overcharged hundreds of thousands of homeowners for appraisals ordered after they defaulted on mortgage loans.
In April 2017 WF was ordered to provide $5.4 million in back pay, damages and legal fees to a bank manager who had been terminated in 2010 after reporting suspected fraudulent behavior to superiors and a bank ethics hotline.
In July 2017 it was revealed that more than 800,000 customers who had taken out car loans with WF were charged for auto insurance they did not need. As a result, many couldn’t afford both the car payment and the extra insurance, which made them fall behind in payments. In about 20,000 cases, cars were repossessed.
Several weeks later, the bank disclosed that the number of bogus accounts that had been created was actually 3.5 million, a nearly 70 percent increase over the bank's initial estimate.
It was reported that the Federal Reserve Bank of San Francisco was investigating WF for “not refunding insurance money owed to people who paid off their car loans early.”
Wells Fargo was sued for allegedly overcharging small businesses for processing credit card transactions. One former WF employee told CNN: “We used to be told to go out and club the baby seals: mom-pop-shops that had no legal support.”
Wells Fargo reported they were under investigation by the CFPB for improperly closing customers’ real accounts, leaving them without access to their needed funds.
Wells Fargo reported they were under investigation by the CFPB for allegedly “bilking home loan borrowers by charging them extra fees when their applications were delayed — even when it was the bank’s fault,” and is now being sued for these actions.
Wells Fargo came full circle on August 31st, when they revised their estimate for the number of customers who had potential unauthorized customer accounts opened from 2.1 million to 3.5 million.
Isn't it time we end this atrocity by WF and the divisions under the umbrella of the Wells Fargo logo/name?
The CEO whether it be Stumpf or Sloan, stand in front of our elected officials and lie stating they have made changes, want to do the right thing, regain customer's trust. The only way this can happen is for this bank to end, to close, to stop their continued annihilation of "we the people." Doing the right thing means to close it's doors, permanently. There is no other way. Wells Fargo has been given plenty of time and consumer bailout funds to get it right - they have failed all of us.
Show your voice by signing this petition - to end Wells Fargo once and for all.
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