How illegal schemes were used to pad Wells Fargo’s profits

"Wells Fargo knew these loans were no good, but submitted the claims", Assistant U.S. Attorney Jeffrey Oestericher argued at the hearing, "And that is fraud.". Wells Fargo asked a judge to dismiss a suit by the U.S. government (Oct. 8, 2012) claiming the bank made reckless mortgage loans that caused losses for a federal insurance program.

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In 2010, Guitron and another employee sued Wells Fargo, claiming the bank had fired Guitron for insubordination. Furthermore, their suit blamed Wells Fargo for unrealistic sales goals that drove too many employees to use illegal means to pad their sales numbers. "I felt like Erin Brockovich," Guitron told CBS.

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Wells Fargo account fraud scandal. Various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined $185 million as a result of the illegal activity, and the company faces additional civil and criminal suits.

Wells Fargo decided to extend this practice to its auto loans and shared in the profits generated by the insurance company the bank chose to use for this insurance. This apparently mandatory collision damage insurance forced nearly 275,000 loan customers into delinquency and caused around 25,000 vehicle repossessions.

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