Wells Fargo accused of ripping off rich people, tooOn March 18, 2018 by Kenna
When you look at the list of people that Wells Fargo stole from — ordinary depositors, struggling mortgage borrowers, 800,000 car loan borrowers, mom and pop businesses, medium businesses and home owners — a commonality emerges: they’re all poor people, or middle-class people, or slightly rich people.
But now it appears that Wells Fargo was also dumb enough to steal from the very rich, through its Wealth Management unit. We don’t know exactly what kind of shenanigans they got up to, but the DoJ has started to question employees in the unit, and we can expect to know more shortly.
The report said the FBI has interviewed some employees in the Phoenix area as the Justice Department and Securities and Exchange Commission expand the scope of an investigation into sales practices beyond Wells Fargo’s retail division.
Wells Fargo CEO Tim Sloan has only been on the job since October, but he’s earned a 35%, $4.6m raise, despite flat earnings and a series of scandals since Sloan took over from the cartoonishly villainous John Stumpf.
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