Wells Fargo fined $65M for sales practices that cost investors millions

[Leroy N. Soetoro]

https://www.foxbusiness.com/financials/wells-fargo-fined-65m-for-sales-
practices-that-cost-investors-millions

The New York attorney general (AG) has fined Wells Fargo & Company $65
million for its sales practices, in particular, the company’s “cross-sell”
business model, in which it sells new financial products or services to
existing customers.

Wells Fargo told investors that its superior cross-sell strategy would
increase revenue and better serve its customers. However, according to the
New York AG’s office, the cross-sell efforts were built on sales practice
"misconduct" at the bank.

“Cross-sell” refers to selling new financial products or services to
existing customers.?Wells Fargo represented to investors its ability to
increase revenue and better serve customers by pursuing its reportedly
superior cross-sell strategy.

However, Wells Fargo failed to disclose to investors that the success of
its cross-sell efforts was built on what the AG said was sales practice
“misconduct” at the bank. That conduct included Wells Fargo’s Community
Bank division engaging in “fraudulent” sales practices, including, the
opening of millions of fake deposit and credit card accounts without
customers’ knowledge, according to the AG.

The AG is still investigating Wells Fargo’s possible connection with the
illegal business practice of opening millions of unauthorized accounts and
enrolling consumers in services without their knowledge or consent.
Today’s settlement has no impact on that ongoing investigation and other
pending investigations of Wells Fargo.

Beginning as early as 2011, Wells Fargo’s board of directors received
reports that described increasing numbers of allegations of this sales
practice misconduct by its employees. Wells Fargo’s former CEO said in
congressional testimony that he was made aware of the fraud by employees
in 2013, while Wells Fargo failed to disclose the misconduct involved in
the cross-sell business model and when the truth was revealed, New York
investors lost millions.
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[tesla sTinker]

yup, they should have their heads removed, at an old time chopping
block of the french. Now, they have opened what they claim is a food
bank. For the poor. While they refuse to honor their own checks of
peoples checking accounts, charging a fee, for the check cashing of the
same already paid for checking account. How much money has this
institution stolen from the public. hypocrite, they forgot to look it
up in the dictionary right.???? Off with their heads, even the
tellers. Get em all. Why was it not a 65 billion dollar fine is our
question.

Post by Leroy N. Soetoro
https://www.foxbusiness.com/financials/wells-fargo-fined-65m-for-sales-
practices-that-cost-investors-millions
The New York attorney general (AG) has fined Wells Fargo& Company $65
million for its sales practices, in particular, the company’s “cross-sell”
business model, in which it sells new financial products or services to
existing customers.
Wells Fargo told investors that its superior cross-sell strategy would
increase revenue and better serve its customers. However, according to the
New York AG’s office, the cross-sell efforts were built on sales practice
"misconduct" at the bank.
“Cross-sell” refers to selling new financial products or services to
existing customers.?Wells Fargo represented to investors its ability to
increase revenue and better serve customers by pursuing its reportedly
superior cross-sell strategy.
However, Wells Fargo failed to disclose to investors that the success of
its cross-sell efforts was built on what the AG said was sales practice
“misconduct” at the bank. That conduct included Wells Fargo’s Community
Bank division engaging in “fraudulent” sales practices, including, the
opening of millions of fake deposit and credit card accounts without
customers’ knowledge, according to the AG.
The AG is still investigating Wells Fargo’s possible connection with the
illegal business practice of opening millions of unauthorized accounts and
enrolling consumers in services without their knowledge or consent.
Today’s settlement has no impact on that ongoing investigation and other
pending investigations of Wells Fargo.
Beginning as early as 2011, Wells Fargo’s board of directors received
reports that described increasing numbers of allegations of this sales
practice misconduct by its employees. Wells Fargo’s former CEO said in
congressional testimony that he was made aware of the fraud by employees
in 2013, while Wells Fargo failed to disclose the misconduct involved in
the cross-sell business model and when the truth was revealed, New York
investors lost millions.

[tesla sTinker]

http://www.truecarpentry.org/tccwww/cathwww/dogma/catholicbooks/HolyBible/Ezechiel.htm#chpt18

Post by tesla sTinker
yup, they should have their heads removed, at an old time chopping
block of the french. Now, they have opened what they claim is a food
bank. For the poor. While they refuse to honor their own checks of
peoples checking accounts, charging a fee, for the check cashing of the
same already paid for checking account. How much money has this
institution stolen from the public. hypocrite, they forgot to look it up
in the dictionary right.???? Off with their heads, even the tellers. Get
em all. Why was it not a 65 billion dollar fine is our question.

Post by Leroy N. Soetoro
https://www.foxbusiness.com/financials/wells-fargo-fined-65m-for-sales-
practices-that-cost-investors-millions
The New York attorney general (AG) has fined Wells Fargo& Company $65
million for its sales practices, in particular, the company’s “cross-sell”
business model, in which it sells new financial products or services to
existing customers.
Wells Fargo told investors that its superior cross-sell strategy would
increase revenue and better serve its customers. However, according to the
New York AG’s office, the cross-sell efforts were built on sales practice
"misconduct" at the bank.
“Cross-sell” refers to selling new financial products or services to
existing customers.?Wells Fargo represented to investors its ability to
increase revenue and better serve customers by pursuing its reportedly
superior cross-sell strategy.
However, Wells Fargo failed to disclose to investors that the success of
its cross-sell efforts was built on what the AG said was sales practice
“misconduct” at the bank. That conduct included Wells Fargo’s Community
Bank division engaging in “fraudulent” sales practices, including, the
opening of millions of fake deposit and credit card accounts without
customers’ knowledge, according to the AG.
The AG is still investigating Wells Fargo’s possible connection with the
illegal business practice of opening millions of unauthorized accounts and
enrolling consumers in services without their knowledge or consent.
Today’s settlement has no impact on that ongoing investigation and other
pending investigations of Wells Fargo.
Beginning as early as 2011, Wells Fargo’s board of directors received
reports that described increasing numbers of allegations of this sales
practice misconduct by its employees. Wells Fargo’s former CEO said in
congressional testimony that he was made aware of the fraud by employees
in 2013, while Wells Fargo failed to disclose the misconduct involved in
the cross-sell business model and when the truth was revealed, New York
investors lost millions.