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California FINRA Lawyers Report: Wells Fargo Loses 225 Reps Due to WF Scandal

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, June 20, 2017.

Erwin J. Shustak, Esq.
619.696.9500 ex. 109
[email protected]

Wells Fargo reported a loss of 225 registered representatives in the first quarter of 2017, making a total of 429 representatives lost over the last six months amid the scandal involving Wells Fargo retail banking.  Wells Fargo was reported to have opened thousands of false accounts, credit cards, and other loans for unsuspecting customers who never asked for the accounts or loans and had no idea their identity was being used by Wells Fargo personnel in order to meet account quotas imposed by the Bank.

Last fall, Wells Fargo was fined $185 million after it was discovered that its retail banking unit was padding customer fees by opening multiple accounts on their behalf, and without their knowledge.

Shustak Reynolds & Partners, P.C. focuses in the areas of securities, financial services and complex business disputes. For more information, contact our managing partner, Erwin Shustak. More information is available at www.shufirm.com. 

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