Wells Fargo banking unit probed for employee fraud: Report

The Department of Justice is probing Wells Fargo’s wholesale banking unit for fraud in the wake of reports that employees adjusted corporate customers’ information on documents without their knowledge or consent, The Wall Street Journal reported Thursday.

Workers in the bank’s wholesale unit are said to have added or changed personal information including birth dates, Social Security numbers and addresses for people associated with its business clients in 2017 and early 2018. At the time, the unit was pressed with regulatory deadlines, including one related to anti-money laundering controls.

The DOJ is said to be investigating whether management influenced employee actions, people familiar with the matter told the Journal, looking to see whether there is a pattern of behavior when it comes to management pressure.

Read on.

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One response to “Wells Fargo banking unit probed for employee fraud: Report

  1. Reblogged this on Deadly Clear and commented:
    “Workers in the bank’s wholesale unit added or changed personal information including birth dates, Social Security numbers and addresses for people associated with its business clients in 2017 and early 2018, according to The Wall Street Journal, which cited people familiar with the matter. At the time, the unit was pressed with regulatory deadlines, including one related to anti-money laundering controls.”

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