accounts fraud Tag Archives — Securities Fraud Lawyers Blog

Wells Fargo’s Wealth-Management Business Under Scrutiny

Published on: March 15, 2018 | by Savage Villoch Law, PLLC

Industry watchdogs turn their focus on Wells’ wealth-management services

It seems that we may not have yet seen the end of the Wells Fargo accounts scandal. The Justice Department has taken an increased interest in Wells Fargo’s wealth-management unit following whistle-blower claims that the bank’s wealth-management customers have been affected.

According to a Wall Street Journal (WSJ) article, the Justice Department ordered Wells Fargo to conduct an investigation into the bank’s own wealth-management business, in response to claims of unfair practices. The investigation into any potential wrong-doing is the first focused on services offered by Wells Fargo outside banking, namely its financial and investment advisory business.

In Wells Fargo Accounts Fraud Case, the Hits Keep Coming

Published on: May 12, 2017 | by Savage Villoch Law, PLLC

We all remember that nastiness about Wells Fargo, right? You know, that little PR debacle where it turned out that, due to unrealistic sales initiatives, Wells Fargo employees initiated accounts fraud against millions of consumers.

After the story broke, Wells Fargo lost a major vote of consumer confidence. The following weeks saw many customers closing accounts and executives getting raked over the coals, culminating in the resignation of the CEO and a large scale termination of employees who had participated in accounts fraud.

Finally, it seemed the dust had settled. The banking giant was ordered to pay out $190 million in federal fines and reparations to affected consumers. The bank also promised a change to corporate culture and initiatives, announcing an end to aggressive sales goals.

Morgan Stanley Ethical Conduct in Question

Published on: October 3, 2016 | by Savage Villoch Law, PLLC

Bad Week for Big Banks

Some of the nation’s top banks are facing another bad week, legally and financially as they are subjected to increased scrutiny and demand for reparations from federal regulators.

Wells Fargo faces a continued inquest into the extent of its accounts fraud scandal as regional and municipal governments, including Hillsborough County, look further into their interests with the banking giant.

Big Banks: Lesson (Un)Learned

Published on: September 30, 2016 | by Savage Villoch Law, PLLC

The Cause

Big banks on Wall Street had been left unchecked for too long and the introduction of sub-prime lending tactics sealed the fate of U.S. financial stability. A culture of smoke-and-mirrors misleading consumers, coupled with a dire lack of regulatory oversight allowed big banks to run rampant.

Years of bad banking tactics caught up with the U.S. economy in 2008, resulting in the worst economic recession seen in the country since the “Great Depression” of the 1930s.