Wells Fargo Back To Being Wells Fargo

- Wells Fargo Back To Being Wells Fargo

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If you can believe it, almost two whole months of 2018 managed to pass without some new malfeasance or potential malfeasance or incompetence or potential incompetence or skullduggery or potential skullduggery emerging at Wells Fargo. Sure, one of those two months was the shortest of the year, but still: Impressive. And even more so when you realize that Wells managed to get through the last month and a half of last year without having some new scandal break or new investigation opened or person fired for complaining about the entities engaging in those investigations and the fines they levy at the end of them.

Alas: Wells could not get through February without seeing that streak end.

Matthew Valles, a former fraud investigator for Wells Fargo in Portland, Ore., said the bank fired him in January in retaliation for his internal complaints about “hundreds” of mishandled fraud investigations….

Wells Fargo customers, however, have complained that the bank was too quick to freeze or close accounts after signs of fraud — even if they themselves reported the suspicious activity. The consumer bureau’s complaints database contains dozens of reports from aggrieved customers who said their accounts had been shut down after they were victimized. Some customers who unknowingly deposited fake checks, for instance, said their accounts had then been terminated, often with little warning or explanation.

Nor shall March mark the beginning of a new streak:

Wells Fargo on Thursday disclosed the board’s investigation in a securities filing, saying it was “in response to inquiries from federal government agencies.”

The bank said the board’s review is assessing “whether there have been inappropriate referrals or recommendations, including with respect to rollovers for 401(k) plan participants, certain alternative investments, or referrals of brokerage customers to the company’s investment and fiduciary services business.”

Wells Fargo Accused of Harming Fraud Victims by Closing Accounts [NYT]
Wells Fargo’s Wealth Management Unit Attracts Justice Department Attention [WSJ]

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Author: Edward Lott

Edward Lott, Ph.D., M.B.A. is president and managing partner of Allentown-based ForLawFirmsOnly Marketing, Inc., a local search and digital marketing agency that offers clients lead generation, local seo and Google Maps Domination. Ed has been a digital entrepreneur since 1994, having discovered very early the opportunities the Internet offered. After having spent over two decades helping attorneys grow their practice, Ed joined the staff of ForLawFirmsOnly Marketing as President and Managing Partner, where he is expanding the agency’s cutting-edge services to the legal market. A true marketing futurist, Ed's vast experience working directly with attorneys has given him a unique perspective on law firm marketing not found in many other digital marketing agencies. Ed has reshaped the offerings of ForLawFirmsOnly to focus on growing law firms through a holistic approach to digital marketing evident in the reformulated lead generation processes now in place. Want to learn more about ForLawFirmsOnly Marketing, their lead generation programs, or just talk to Ed about his visions for helping law firms grow? Call him at 855-943-8736.

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