Wells Fargo Employees Caught Improperly Altering Business Customers' Docs

Just when you thought that after the last criminal offense by Wells Fargo (which as a reminder was pushing customers into higher-fee retirement accounts), surely there was no way Warren Buffett's favorite criminal organization would be caught again engaging in some even more bizarre criminal activity.

Alas, it was not meant to be as Wells somehow always finds a way, and moments ago the WSJ reported that in the latest scandal involving America's largest mortgage lender, "some employees" in Wells Fargo’s business banking, aka "wholesale" unit and is separate from Wells' retail division, improperly altered information on documents related to corporate customers without their knowledge.

The Information adjusted by Wells employees varied from social security numbers to addresses to dates of birth for people associated with business-banking clients, with the bulk of incidents reportedly taking place in 2017 and early 2018, as Wells Fargo was trying to meet a deadline to comply with a regulatory consent order related to the bank’s anti-money-laundering controls.

In other words, to comply with regulations against fabricating client data, Wells... fabricated client data.

The employees were also working to get documents in order prior to new requirements from another regulator for disclosures related to proof of beneficial ownership of businesses, the WSJ added. Wells Fargo only became aware of the behavior in recent months from employees and is still investigating the matter.

While a Wells Fargo spokesman told WSJ the bank doesn’t comment on regulatory matters, he said that "this matter involves documents used for internal purposes," and added that "no customers were negatively impacted, no data left the company, and no products or services were sold as a result" although we are confident the the upcoming congressional hearings may reveals something else.

“Over the past several months we’ve built more robust internal processes that reinforce our values, and if we find any situations where behavior violates those values, we take swift action to correct."

Processes, such as this one, in which the bank fabricated corporate customer data.

The altering of information within the business-banking division of Wells Fargo, which serves small firms with annual sales ranging from $5 million to $20 million, comes as the bank is continuing to grapple with the fallout from the sales-practices scandal that erupted in September 2016. That involved bank employees fabricating information to open as many as 3.5 million accounts without customers’ knowledge or authorization.

Regulators subsequently sanctioned Wells as more problems have emerged. Wells Fargo agreed to a $1 billion settlement with two of its main regulators in April, which forced the bank to adjust reported first-quarter earnings by $800 million. The settlement focused on risk-management failures that led to improper charges to mortgage and auto-lending customers.

Following the news, Wells Fargo stock has slumped, and is the worst performer in the KBW bank index, falling as much as 1.5% in early trading.


chiburashka unplugged Thu, 05/17/2018 - 10:24 Permalink

Did they mix up test and production systems? 

This is a real plunder from the state via so called "regulators": this bank caused harm to its clients and money that should be theirs goes to the gov in fine, impoverishing everyone except the MIC, ultimate recipient of every single federal dollar. 

But it's alright because

The last act of any government is to loot the nation. 


It's okay not to be a Jew.

In reply to by unplugged

Stuck on Zero Truther Thu, 05/17/2018 - 10:52 Permalink

Wells Fargo spokesperson:

"No representation or warranty, express or implied, with respect to the completeness, accuracy, fitness for a particular purpose, or utility of these materials or any information or opinion contained herein. Actual mileage may vary. No animals were harmed during the production of this data. Any resemblance to actual people, living or dead, or events, past, present or future, is purely coincidental. This is not to be construed as an endorsement of any product or company, nor as the adoption or promulgation of any guidelines, standards or recommendations. Some names have been changed to protect the innocent. This is meant for educational purposes only. Some assembly required. Batteries not included. Package sold by weight, not volume. Contents may settle during shipment. No user-serviceable parts inside. Use only as directed.

Do not eat. Not a toy.

Postage will be paid by addressee. If condition persists, consult your physician. Subject to change without notice. Times approximate. One size fits all. Colors may, in time, fade. For office use only. Edited for television. List was current at time of printing. At participating locations only. Keep away from fire or flame. Avoid contact with skin. Sanitised for your protection. Employees and their families are not eligible. Beware of the dog. Limited time offer. No purchase necessary. Not recommended for children under 12. Prerecorded for this time zone. Some of the trademarks mentioned in this product appear for identification purposes only. Freshest if eaten before date on carton. Subject to change without notice. Please allow 4 to 6 weeks for delivery. Not responsible for direct, indirect, incidental or consequential damages resulting from any defect, error or failure to perform. Slippery when wet. Substantial penalty for early withdrawal. For recreational use only. List each check separately by bank number. This is not an offer to sell securities."

In reply to by Truther

Kendle C ATM Thu, 05/17/2018 - 11:51 Permalink

So the drug lords provided Panama drivers licenses, temporary, fake tax id's, fake documents. A "scrub team" went in to punch in social security number of people with similar names like Michael Garcia, Acme Corp., Joe Smith, etc..


Of course they checked the credit report for activity there, when little or none was found they went ahead and typed it in. Each required document was massaged. This was easy because of their experience with past frauds by the millions.


Wells should be put down, like like a pig: the pneumatic bolt hammer would do nicely.

In reply to by ATM

philipat CorporateCongress Thu, 05/17/2018 - 10:21 Permalink

Well, imagine my SHOCK!! It is what it is folks, the Banksters are in total control and if they have to pay back 5% of the profits they steel, that suits their business fraud model just fine thank you very much. And, in the absence of any "Regulator" it isn't going to change any time soon!!

Jailing a few Directors is a great idea (Not going to happen) and also bonus clawback clauses in contracts would help. As of now, there is absolutely NO consequence for these clowns because the fines imposed now, small and insignificant as they may be, are against the COMPANY and so are paid by the SHAREHOLDERS as Company expenses which reduce shareholder profits commensurately. It's a complete joke!!

In reply to by CorporateCongress

rgraf CorporateCongress Thu, 05/17/2018 - 14:56 Permalink

Throw the board of directors in prison. The corporate structure exists primarily, to prevent that. Dissolving the corporation will just lead to asset transfers, and only the banksters will profit from that. All assets will be transferred via bankruptcy auctions that the populace will never know about. Liquidation will leave the populace with the bill.

In reply to by CorporateCongress

hedgeless_horseman Thu, 05/17/2018 - 10:02 Permalink


Are you seeking income or growth?

We'll say growth.

Your tolerance for risk?

We'll just check the box marked high.  

Investment time frame?

We'll just check 30 years or longer. 

Nope.  No need to sign anymore. 

We'll just click once...

and click twice and...

It's gone. 

Countrybunkererd hedgeless_horseman Thu, 05/17/2018 - 10:08 Permalink

Ok with us "transferring" a minimum of 10MM/Day into and out of your account without your knowledge?

We'll just check the box marked yes.

Sign here, It is a statement that allows us to alter your SSN on all forms for, ummm,  your protection.  It is a digital signature and will apply to any and all documents necessary for our use now, and at any date in the future.


In reply to by hedgeless_horseman

Prosource Countrybunkererd Thu, 05/17/2018 - 12:31 Permalink

Gotta love those digital signatures.

They make you sign using your mouse, and all signatures look like those from a drunk child. 

And then they shame you by making you admit "do you accept this signature?"

They need to put a timer on your attempts, and then ask "do you accept that this signature is the best you could do after trying for 5 minutes?"

In reply to by Countrybunkererd

DuneCreature VWAndy Thu, 05/17/2018 - 11:24 Permalink

Anyone else tired of Bankster bullshit yet?


~~~)))   What Do You Do With A Fraudulent Contract?   (((~~~

(One you haven't signed but is being enforced anyway?)

I know what I do right after I throw a HUGE tantrum and scare the hell out of the cat. ...

I take their sorry asses to court to seek a remedy. ... Have that fraudulent contract declared 'Null and Void'.

I don't tantrum and break anything on the first round unless I get a crooked judge. ...... Then I break stuff because by that time the cat has vacated the building and terrorizing the cat with shouting and scary wild flailing is off of the table.

The White House Petition To - END THE FED

Help get some redress of grievance(s) going.

Do you have a problem with the Federal Reserve Bank conjuring up FREE money for itself and its little Bankster friends and closet pizza party buddies?

I do.

Dr Frog's Explanation and Motivations For The End The Fed WH Petition


Live Hard, I'd Like To Have A Full Refund And Damages Too. ... Fraud Is Like That, Written Into Law Or Otherwise, Die Free

~ DC v8.8

In reply to by VWAndy

lew1024 Thu, 05/17/2018 - 10:05 Permalink

Mega-fines have not changed Well's criminal conduct wrt customers.

All executives who should have been charged have gotten out with their golden parachutes.

Something is wrong with the incentive systems.