Several former senior-level Wells Fargo executives are the subject of a criminal investigation—relative to the bank’s notorious fake-accounts scandal
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Bank branch staff were said to have used their own contact information on forms to prevent customers from discovering the fraud. Employees were accused of creating fraudulent checking and savings accounts by moving money out of existing accounts into the new ones. This was made possible by “pinning”— a process in which the customers PIN number was set to “0000,” so that bankers could readily control their client’s accounts and keep them in the dark.
The Wells Fargo CEO at the time, John Stumpf, was forced to resign. There was no dramatic action taken against top bank officials. This is a big reason why Americans are furious and lack faith and trust in our banking and financial institutions. They feel that the system is rigged in favor of senior-level management, while the customers and average workers get the short end of the stick.
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