After doing business with Wells Fargo Bank for more than 25 years, Santa Clara County supervisors unanimously voted to cut ties over the bank's fake account scandal. Despite retiring from Wells Fargo, he still departed from the bank with Wells Fargo stock valued at $134.1 million, says executive pay tracking firm Equilar.
One Los Angeles customer was surprised to learn previous year that a Wells Fargo employee had opened a $10,000 line of credit linked to his accounts without his authorization, according to the affidavit.
Wells Fargo, whose biggest shareholder is billionaire Warren Buffett, has been reeling since U.S. and California regulators revealed in September some two million deposit and credit card accounts were opened in customers' names between 2011 and 2016 without their approval.
The number of Wells Fargo & Company shares in issue is 5,045,547,000 which have a current share price of 44.95 bringing Wells Fargo & Company's market capitalisation to 226.80B Dollars.
A spokeswoman for the attorney general, Kristen Ford, said her office had no comment on an ongoing investigation. Both offenses are considered felonies. The investigation could lead to charges beyond the identity-theft allegations used to secure the search warrant.
"In addition to barring future business with banks who engage in creating fraudulent accounts, the resolution also directs government staff to research any existing business relationships with Wells Fargo and the feasibility of ending them", the release from the city said. And now, finally, we may actually see some, albeit in a different way than many thought.
"This is a huge case of fraud", said Beth Givens, executive director the Privacy Rights Clearinghouse, a nonprofit San Diego-based consumer advocacy organization.
Giants Win Wild Card Game Against Mets
Yep, that would be a record.He has thrown complete-game shutouts in two of those games - the 2014 wild-card game and this one. And though this isn't quite Travis Ishikawa 's pennant-winning blast of 2014, this is a home run that won't soon be forgotten.
"I think it's a shame", Simitian said. "It's a creative way of looking at these activities and finding them unlawful under a statute that arguably could be prosecuted in state court".
California Attorney General Kamala Harris, a Democrat, is running for the U.S. Senate. There are also numerous class action lawsuits being brought by customers, investors and employees. A 74-year-old woman said the bank opened multiple credit or debit cards accounts in her name without her knowledge.
In some ways, it's actually worse.
As expected, the controversy has proven to be a public relations nightmare for the bank, as consumers question the security of Wells Fargo accounts. "But going forward we are not going to use them for investments, we won't be using them as a broker-dealer".
"I am appalled that not one person in management has been terminated so far for unethical sales", said Nathan Davis, a former Wells Fargo employee who was sacked earlier this year after 10 years of service with the financial institution. Elizabeth Warren, who encouraged him to resign amid the scandal.
Although Wells Fargo is one of the largest and most respected banks in the world, its reputation faces an uncertain future.