Seriously, Another Wells Fargo Scandal?
I really can't make this up. In fact, I think that I have lost track of the number of scandals. If the identity theft of their customers or the overcharging of their customers was not bad enough, this new set of allegations could really do some PR damage. I say PR damage because beyond that nothing is going to happen to Wells Fargo besides a fine which does not seem to hurt them. Further, none of this story is really hitting the media. Any employee who had this much scandal in their background would be terminated. Most companies would not survive even one of these scandals. For whatever reason, this bank continues on with a corrupt culture and apparently continues to rip off its' customers.
It appears that several executives have resigned (see fired) as a new Justice department and SEC investigation is being launched into Wells Fargo Wealth Management Unit.
Some of the charges they are being accused of:
Inappropriate advice and recommendations
Selling Wells Fargo Products when not in the best interest of their clients
Made improper Customer Referrals that violated securities laws
So this begs the question. Why are people still doing business with bank that has such a corrupt culture? At some point, you have to take a good hard look and assess if this bank is acting in your best interest whether it is banking or financial advising. How can you trust a bank with such a track record of scandal? Stay a customer at your own risk. This is way to many scandals in such a short period of time.