Wells Fargo created fake accounts using customer data it had stolen from real customers. (ID Theft)
They used these to create false profits and inflate the stock price. (Securities fraud)
John Stumpf may not lose his job yet as CEO of Wells Fargo, but he will have to forfeit more than $41 million in stock and salary as the bank’s board investigates how his employees opened over two million fake accounts for customers to boost sales.
The independent board of Wells Fargo directors said on Tuesday that in the wake of the scandal, where the bank created accounts without customer consent, it is launching an investigation and forcing Stumpf and former consumer banking chief Carrie Tolstedt to forgo their bonuses.
Tolstedt, who headed the retail division at the time of the bank’s misdemeanor, will forfeit $19 million in unvested stock, and has also agreed not to cash in outstanding options during the investigation.
MISDEMEANOUR? thought that word was for stealing lollies?
Not one suggestion of jail time you notice? Anyone else would get jail time of – FOREVER, but not when you are a bankster mate of the political elite.
Stumpf and Tolstedt should be tied to the next stagecoach out of town – I’m sure Greyhound would do a fine job.