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Suit: Wells Fargo targeted undocumented immigrants for accounts
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)
Posted: April 30th, 2017
http://www.sfchronicle.com/business/article/Suit-Wells-Fargo...
Wells Fargo branches across the country deliberately targeted undocumented immigrants to open savings and checking accounts in order to meet aggressive sales goals, according to court documents. In sworn declarations obtained by ... attorney Joseph Cotchett, former employees describe a scheme in which Spanish-speaking colleagues would visit places they knew were frequented by immigrants (including construction sites and a 7-Eleven), drive them to a branch and persuade them to open an account. Some employees would give the immigrants $10 apiece to start an account. The alleged scheme ... raises fresh questions about whether bank employees merely deceived customers by opening accounts in their names - or further crossed a line. Under federal law, banks must verify the identities of customers. Given Wells Fargos well-documented rush to hit sales goals, experts say its quite possible that employees did not follow procedures. In any case, targeting immigrants to hit sales goals should have raised red flags. The documents were filed Wednesday as part of a shareholder lawsuit filed ... in San Francisco Superior Court against Wells Fargos top executives. Last year, the San Francisco banking giant admitted that thousands of employees created up to 2 million fraudulent accounts in the names of real consumers without their consent. Wells Fargo ultimately fired CEO John Stumpf and paid $185 million in fines.
Note: Read more about the massive fraud perpetrated by Wells Fargo. For more along these lines, see concise summaries of deeply revealing banking corruption news articles from reliable major media sources.
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