Wells Fargo Board Chair Resigns Before House Hearing
Wells Fargo & Company Board Chair Elizabeth A. Duke and member James H. Quigley resigned from the board of directors on Sunday.
Wells Fargo to Pay $3B to Resolve Probes into Fake Accounts
Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals.
OCC: Ex-Wells Fargo CEO Barred from Working in Banking Again
Federal regulators have slapped former Wells Fargo Chief Executive John Stumpf with a $17.5 million fine for his role in the bank’s sales practices scandal. Stumpf also accepted a lifetime ban from the banking industry.
Former Santander US CEO Moves to Wells Fargo
Scott Powell, the former Santander US and Santander Consumer USA CEO, has joined Wells Fargo & Company as chief operating officer.
Greenfield Woman Sentenced for Making False Statements to Bank
A Greenfield woman was sentenced this week in federal court in Springfield in connection with concealing nearly $500,000 from a federally insured financial institution.
Man Sentenced for Hiding Assets from Lender
Jeffrey Borer, 59, formerly of Hatfield, was sentenced to 10 months in prison, four years of supervised release and ordered to pay $189,000 in restitution and $189,000 in forfeiture.
Wells Fargo Fined $450K in MA for Unregistered Agents
The registrations of more than 1,600 Wells Fargo agents and supervisors in Massachusetts lapsed over a 30-month period, causing state securities regulators to hit the company with a $450,000 fine.
Wells Fargo CEO Sloan Steps Down After Rocky Tenure
Wells Fargo’s CEO Tim Sloan stepped down Thursday, saying he’d become too much of a political target after a rocky tenure during which the deeply troubled bank dealt with a seemingly unending wave of scandals.
Community Good Works
Members of the banking and real estate communities gave back in a bunch of ways this week.
$800K Wells Fargo Penalty OK’d in Schilling Video Game Deal
A federal judge has approved an agreement for Wells Fargo Securities to pay an $800,000 civil penalty to end a lawsuit by the U.S. Securities and Exchange Commission over Rhode Island’s failed $75 million deal with former Boston Red Sox pitcher Curt Schilling’s video game company, 38 Studios.
Former Mass. Man Pleads Guilty to Conspiracy to Hide Money from Bank
A former Massachusetts man pleaded guilty earlier this week in federal court in Springfield to his role in a conspiracy to hide money from a federally insured financial institution.
Wells Fargo to Pay Over $6M to MA for Cheating Customers
Wells Fargo Bank N.A. will pay over $6 million to Massachusetts to resolve allegations that it violated state consumer protection laws by using various unfair and deceptive practices against customers.
Apartment Developer Buys Medford Property for $26M
A Texas multifamily developer has paid $25.7 million for a Medford property recently approved for a 350-unit apartment complex.
Greenfield Woman Pleads Guilty to Conspiracy to Hide Money from Bank
A Greenfield woman pleaded guilty last week in federal court in Springfield in connection with concealing nearly half a million dollars from a federally insured financial institution.
Wells Fargo Partners with NeighborhoodLIFT to Provide Housing Down Payment Assistance
Wells Fargo is partnering again with the NeighborhoodLIFT program to help low- and moderate-income individuals and families purchase homes in the greater Boston area.
Wells Fargo Jumps into Credit Card Rewards Race
Wells Fargo & Co. introduced a new credit card rewards program on Monday, aiming to stand out against other benefit-heavy cards and gain more of a foothold in a market where it has lagged rivals.
Wells Fargo Mulls Combining Wealth Management Divisions
Wells Fargo & Co. said Monday it is considering restructuring and possibly combining two of its retail brokerage businesses, a move to increase efficiency among the two legacy units.
Wells Fargo Settles Retail Sales Lawsuit for $142M
Wells Fargo & Co. said on Friday a district court in California approved a $142 million class-action settlement to compensate customers who were affected by a sales scandal related to the opening of phony bank accounts.
US Regulator: Phony Bank Accounts Not a ‘Systemic’ Issue
A U.S. bank regulator said on Thursday that an industry-wide review prompted by Wells Fargo & Co.’s sales practices scandal had uncovered some instances of phony accounts at other lenders but little evidence of a “systemic” problem.
Wells Fargo Pulls Back from US Midwest, Selling 52 Branches to Flagstar
Wells Fargo & Co. is pulling back from retail banking in the U.S. Midwest, selling all of its branches in three states, as the bank embarks on a broader review of branch profitability across the country.
