During a hearing of the U.S. Senate Committee for Banking, Housing, & Urban Affairs, Sen. Elizabeth Warren grilled Wells Fargo CEO, John Stumpf, over alleged fraud during his leadership of the company.
Wells Fargo recently agreed to pay $185 million as a part of a civil settlement after it was revealed that employees were using customer information to open fake accounts. The bank has since fired 5,300 employees over the fake accounts that resulted in $2.6 million in fees that affected customers. The fees have since been refunded, however, Sen. Warren stressed to the Senate Banking Committee that further measures need to be taken to hold executives of the bank personally accountable.
“You should resign. You should give back the money you took while the scam was going on,” Sen. Warren told Stumpf who reportedly earned $19.3 million last year.
Sen. Warren went on to tell the committee that laws should be put in place to hold corporate executives personally and criminally responsible for fraud.
She ended her interrogation by adding, “We need tough prosecutors who have the courage to go after people at the top. Until then, it will be business as usual and at giant banks like Wells Fargo, that seems to mean cheating as many customers, investors and employees as they possibly can.”
Click here to read more on this story.
If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
