https://www.occ.treas.gov/news-issuances/news-releases/2025/nr-occ-2025-3.html
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Should have been larger fines for all of them, including banishment from the financial services industry.
All knew in 2013 of the growing number of fraudulent accounts. They ignored the Chief Risk Officer
at the time who continually escalated the fraud. They ignored the exploding number of internal fraud investigations for these fake accounts even after the LA Times published the first article in 2015 regarding employees in several WF California branches being fired for creating fraudulent accounts. They continued to ignore until the OCC final issued its consent order
In 2017. David Julian and Paul McLinko, the top audit executives, testified in court that they did not think it was their responsibility to escalate. Read their testimonies here: https://www.occ.gov/static/enforcement-actions/eaAA-EC-2019-71.pdf
If our internal audit team doesn’t think they should escalate documented cases of fraudulent activity, who will?
OCC Imposes Civil Money Penalties Against Three Former Executives of Wells Fargo