×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: wells | fargo | banking | fraud

WSJ: US Launches Fraud Probe of Wells Fargo's Wholesale Banking Unit

WSJ: US Launches Fraud Probe of Wells Fargo's Wholesale Banking Unit
(Mohamed Ahmed Soliman | Dreamstime)

Thursday, 06 September 2018 11:41 AM

The Justice Department is investigating whether employees committed fraud in Wells Fargo & Co.'s wholesale banking unit amid allegations bank workers improperly altered customer information, the Wall Street Journal reported.

The department has sought more information from the bank to see if management pressure prompted the employees to improperly alter or add the information prior to a regulatory deadline, the Journal reported, citing people familiar with the matter.

The Justice Department is interested in learning if there is a pattern of unethical and potentially fraudulent employee behavior tied to management pressure, the WSJ reported.

The incident happened in 2017 and early 2018 as Wells Fargo was trying to meet a deadline to comply with a regulatory consent order related to the bank's anti-money-laundering controls, according to a WSJ report in May.

The report had also said the bank had reported the problem to the Office of the Comptroller of the Currency and the agency was probing the problem.

Wells Fargo, smarting from a prolonged sales scandal in its retail banking business, has been a subject of a number of regulatory probes.

Wells Fargo did not immediately comment on the report.

Shares of Wells Fargo (WFC) were down 1 percent at $58.40. 

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
The Justice Department is investigating whether employees committed fraud in Wells Fargo & Co.'s wholesale banking unit amid allegations bank workers improperly altered customer information, the Wall Street Journal reported.
wells, fargo, banking, fraud
201
2018-41-06
Thursday, 06 September 2018 11:41 AM
Newsmax Media, Inc.
More Articles
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved