Former Wells Fargo Employee (Not Execs) Sentenced to More Than Seven Years in Prison

A former Wells Fargo & Co. employee who organized a bank fraud scheme to steal customer-account data was sentenced to more than seven years in prison on Thursday, according to the U.S. Attorney’s Office in the Central District of California.

In addition to the prison term, Ronald Charles Reed of Inglewood, Calif., must pay nearly $600,000 in restitution to the bank, which has been in the spotlight for a sales-practices scandal for months.

In September, the San Francisco bank paid a $185 million fine for opening as many as 2.1 million accounts using fictitious or unauthorized customer information.

Read on.


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