Latest "bank fraud" Posts

5,300 Fired at Wells Fargo for Unethical Behavior – Lives out of Balance

It is a fraud so massive that it is staggering in dimension. 5,300 Wells Fargo employees were fired for opening false accounts. In fact, 2 million false accounts!

Wells FargoWhat led this fraud to happen? It was pressure. Who applied the pressure? It was the executive who led the Wells Fargo new account unit, a woman named Carrie Tolstedt.

Ms. Tolstedt has been fired for pressuring thousands of retail banking people to “aggressively” sell multiple accounts to its millions of customers; accounts that no one needed and no one wanted. Here is the punchline to the highly unethical joke: for her unethical actions, the bank has awarded Tolstedt 124 million in bonuses.

According to the CEO of Wells Fargo:

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Posted by Chuck Gallagher in bank fraud, business ethics and tagged , , ,

Bank Fraud – Alexander Alvarez faces prison for stupid crime!

Do you really think you’re that smart?  I’m sorry but some folks are just idiots.  By the way, I fell into that category many years back so if you’re saying it takes one to know one…theN guilty as charged.  Because of my vast experience, I can call this guy an idiot when it comes to white collar crime.

"Well, I always told you that your ability with numbers was criminal."

“Well, I always told you that your ability with numbers was criminal.”

The United States Attorney for the District of Connecticut, announced that Alexander Alvarez, 33, of East Lyme, was sentenced to 18 months of imprisonment, followed by four years of supervised release, for stealing more $100,000 from customers of the bank where he was employed.

Hum…an Inside Bank Job

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Posted by Chuck Gallagher in bank fraud, Business and Personal Ethics, Ethical Behavior and tagged , , , ,

Entitlement Ethics and Abuse: Darryl Layne Woods highlights Banking Abuse

Today’s blog is inspired by one of the most blatant ethical missteps I have heard in years. In an article by Peter Lattman for The New York Times (August 27, Darryl Layne Woods2013), “Bank executive admits to using bailout money to buy condo,” we are introduced to Darryl Layne Woods a bank executive and a former chairman of the Mainstreet Bank of Ashland, Missouri. In a sense, Mr. Woods is emblematic of the worst of the abuses of banking in America.

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Posted by Chuck Gallagher in bank fraud, Banks, Ethical Behavior, ethics, prison, SEC and tagged , , , , ,