Wells Fargo - Wells (Hells) Fargo Corporate Rap Sheet - Don't be their next victim

330 of 1117 Wells Fargo reviews

AMERICAN DREAM KILLING MACHINE - - - HELLS FARGO

We are just one victim out of 1000's that were scammed by Wells Fargo Home Mortgage this year. When we discovered their crime spree against responsible and struggling homeowners, we pulled our money out of this bank, closed our accounts, refinanced our home and sold our WFC stocks.

Our only regret is that we did not read the complaints and corporate rap sheet of in this criminal enterprise prior to being swindled out of more than $17,000.

We hope that readers of this post will pass along this information to everyone they care about. Our Government, Attorney Generals and Consumer protection agencies won't do ANYTHING to stop them (out of fear of having to use our tax dollars to bail them out again).

WE THE PEOPLE CAN DO SOMETHING! Stop putting your money into this Mega-bank! They are using your money to continue this crime spree!

Ask yourself and everyone you care about: If the following rap sheet belonged to an individual, not a Mega-corporation, would you trust this person with your home, your retirement and your hard-earned money?

WELLS FARO & COMPANY CORPORATE RAP SHEET

Wells Fargo: Corporate Rap Sheet

By Philip Mattera

Wells Fargo has been embroiled in a series of scandals involving reckless lending practices, fraud, customer deception, profiteering, racial discrimination and unjust enrichment schemes at the expense of it's own customers and American taxpayers who bailed them out.

Fined $4.5 million levied by FINRA in February 2009 for violations of mutual fund sales rules;

Fined $1.1 million levied by FINRA on Wachovia Securities and First Clearing in March 2009 for failing to send required notifications to customers;

Fined $1.4 million by FINRA in June 2009 for failing to send disclosure documents to customers;

$40 million settlement in June 2009 of SEC charges that the Evergreen Investment Management business Wells Fargo inherited from Wachovia misled investors about mortgage-backed securities;

$160 million settlement in March 2010 of federal charges relating to money laundering by its customers;

$2 billion settlement with the California attorney general in December 2010 of charges relating to foreclosure abuses;

$11 million settlement in April 2011 with the SEC of charges that it cheated the Zuni Indian Tribe in the sale of collateralized debt obligations;

$148 million settlement in December 2011 of federal and state municipal securities bid rigging charges.

November 2009 it had to agree to buy back $1.4 billion in auction-rate securities to settle allegations by the California attorney general of misleading investors.

May 2011 it was fined $1 million by FINRA for failing to send disclosure documents to customers.

That same month, it agreed to pay up to $16 million to settle charges of violating the Americans with Disabilities Act.

July 2011 agreed to pay $125 million to settle a lawsuit in which a group of pension funds accused it of misrepresenting the quality of pools of mortgage-related securities.

That same month, the Federal Reserve announced an $85 million civil penalty against Wells Fargo for steering customers with good qualifications into costly sub-prime mortgage loans during the housing boom.

November 2011 Wells Fargo agreed to pay at least $37 million to settle a lawsuit accusing it of municipal bond bid rigging.

December 2011, FINRA fined it $2 million for improper sales of reverse convertible securities

December 2011, $2.1 million for failing to properly supervise the sale of exchange-traded funds.

February 2012, Wells Fargo was one of five large mortgage servicers that consented to a $25 billion settlement with the federal government and state attorneys general to resolve allegations of loan servicing and foreclosure abuses. The New York Attorney General later sued Wells Fargo for breaching the terms of that settlement.

July 2012 the U.S. Justice Department announced that Wells Fargo would pay $175 million to settle charges that it engaged in a pattern of discrimination against African-American and Hispanic borrowers in its mortgage lending during the period from 2004 to 2009.

August 2012 Wells Fargo agreed to pay $6.5 million to settle SEC charges that it failed to fully research the risks associated with mortgage-backed securities before selling them to customers such as municipalities and non-profit organizations.

October 2012 the U.S. Attorney for the Southern District of New York filed suit against Wells Fargo, charging the bank with engaging in a “longstanding practice of reckless underwriting and fraudulent loan certification” for thousands of loans insured by the Federal Housing Administration that ultimately defaulted. And in January 2013 Wells Fargo was one of ten major lenders that agreed to pay a total of $8.5 billion to resolve claims of foreclosure abuses.

June 2013 Wells Fargo settled a lawsuit alleging that it neglected the maintenance and marketing of foreclosed homes in black and Latino areas by agreeing to spend at least $42 million to promote home ownership and neighborhood stabilization.

October 2013 Freddie Mac announced that Wells Fargo would pay $869 million to repurchase home loans the bank had sold to the mortgage agency that did not conform to the latter's guidelines.

December 2013 The U.S. Department of Justice accused Wells Fargo of misleading the Department of Housing and Urban Development into believing many of its loans qualified for federal insurance, costing taxpayers hundreds of millions of dollars.

~Fool me once, shame on you!

~Fool me twice, shame on me!

Please help us warn others. DON'T BECOME THEIR NEXT VICTIM!!!

This review is a subjective opinion of a user.
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More Review Details

Monetary loss:
$18000
Product or service
Home Mortgage Refinance
Review category
Loans and Mortgages
review #464199
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Anonymous

Oct 23 #1230859 Stamford, Connecticut, United States

I have paid my mortgage on time forever. In January 2016 I received a phone call from Wells Fargo,( yes it was Wells Fargo because they had all of my info account #, ss# , all of it) offering me an opportunity to to lower my monthly payment, better this better that. I said sure send me the info....it never arrived so I figured it was forgotten. through out the year I have been getting calls about changing my account, altering my mortgage, and several other "great opportunities". I declined all.
I just tried to help my son with his college loan and was denied. After investigating I was shocked to see that my credit rating was aweful due to Wells Fargo's false reporting of my payments. I was told on several occasions that due to changes I did not make that payments were deferred of not needed. Now I am stuck. I am hoping to get these bastards to repair the damage they have done.

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Anonymous

May 08 #1155815

The worse part is .........Even our government doesn't care ! They are the ones who bailed out the banks !!! Bottom line banks make more money on foreclosures so why work with struggling family's when the government and attorneys support the Banks and allow the corruption. Heartbreaking and to be honest im one of the victims and I'm getting sick just writing this. God Bless the all the victims like my self who tried every program set up by our government and the Banks only to be denied over and over again!

0 0 Reply
Anonymous

Sep 26, 2015 #1039352 Omaha, Nebraska, United States

Thank you for the information and I truly agree with everything you have listed. Copying and pasting info to my Facebook and make it public.

0 0 Reply
Dump Stumpf

Jul 09, 2015 #1005464 Burbank, California, United States

I find it utterly insane that as Wells Fargo pays out roughly $38 BILLION in fines and settlements since John G. Stumpf became CEO in 2007 HE makes north of $20 MILLION a year. So I have started the dump Stumpf campaign and solicit everyone to join in. The best way to kill a snake is always to cut off its head.

2 0 Reply
Tt

Nov 05, 2014 #895733

Need to share....how can I share this??

0 0 Reply
Sink Wells Fargo

Sep 28, 2014 #876740

June 23, 2014
Wells Fargo Bank settled a class-action lawsuit for nearly $15 million that was initiated by local mortgage broker Bobbie Dyer, a former Wells Fargo employee. The $14.7 million will be shared among 7,800 Wells Fargo mortgage brokers across the United States who wrote federally-backed home refinancing loans for the company between April 1, 2011, and Jan. 1, 2013. The amount that each broker receives will be dependent on how many refinancing loans they wrote as part of federal programs like the Home Affordable Refinance Program, or HARP.
The lawsuit, filed June 2013, charged that Wells Fargo, her employer for 18 years, shorted mortgage brokers like her on commissions when they wrote loans for government-sponsored refinancing programs. The settlement, she said, was "the best way to right a wrong."
June 9 2011
A federal judge in Washington has approved a $32 million settlement of a class action brought against Wells Fargo Advisers by a group of women who alleged gender discrimination. Reportedly, some 3000 female financial advisers make up the class.

5 1 Reply
SueWellsFargo

Sep 28, 2014 #876628

April 14 2014
Wells Fargo Bank NA is facing consumer banking and lending violations class action lawsuit alleging it violated California consumer laws by billing late fees to, or foreclosing on, state homeowners who had loan modification applications pending with the bank.
The lawsuit, Garcia et al. v. Wells Fargo Bank NA et al., case number 8:14-cv-00558, in U.S. District Court for the Central District of California, alleges Wells Fargo practices “dual tracking”, which is when a bank pursues a foreclosure while simultaneously processing loan modifications. On January 1, 2013, the California Homeowner Bill of Rights was enacted, forbidding this behavior.

2 1 Reply
Anonymous

Jan 22, 2014 #776680

Wells Fargo employee charged with stealing $30,000 from customer
Posted: Sep 13, 2013 6:10 PM EDT
Updated: Oct 25, 2013 6:10 PM EDT
Posted by NBC 26 Staff
AUGUSTA, Ga. -
A Wells Fargo employee has been charged after allegedly stealing more than $30-thousand dollars from a bank customer. Ana Racine, who worked at the Wells Fargo bank on Wheeler Road, is accused of stealing the money over an extended period of time

3 1 Reply
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