There were multiple red flags and missed signals at the OCC for years, the bank’s main regulator, the report said.
Most tellingly, bank examiners assigned to review Wells Fargo were aware of approximately 700 whistle-blower complaints related to “gaming of incentive plans” when they met with senior managers of the San Francisco-based bank in January 2010, the report said.
Carrie Tolstedt, who at the time headed the community banking division that was ground zero for the scandal was dismissive of the complaints, attributing them to a corporate culture that encouraged valid claims “which are then investigated and appropriately addressed,” the report said. Tolstedt also said the bank’s sales incentive programs were capped at 10% to 20% of bank workers’ total compensation “to keep motivation in check.” Tolstedt no longer works for the bank and has had to give back millions in compensation in connection with her role in the scandal.
According to the report, there was “no evidence that examiners required the bank to provide an analysis of the risks and controls, or investigated these issues further to identify the root cause and the appropriate supervisory actions needed.”
Additionally, Wells Fargo’s board of directors received regular reports dating back to 2005 indicating that the highest volume of internal ethics complaints at the bank involved “sales integrity violations.” The OCC’s Wells Fargo team received the same reports as early as 2010. However, the report said records don’t “indicate examiners investigated the root cause.”
If you are in foreclosure or you have lost your home to foreclosure and you want to sue for mortgage fraud or foreclosure fraud, FRAUD STOPPERS PMA can help you save time and money, and increase your odds of success, with a court ready Quiet Title or Wrongful Foreclosure lawsuit package. If you have received a Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) and you want to know how to respond to the Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) call FRAUD STOPPERS PMA today because our prove system can help you fight to save your home from foreclosure fraud and/or mortgage fraud. Our court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Packages includes a turnkey complaint (petition for damages), Bloomberg Securitization Audit, Expert Witness Affidavit, Application for Temporary Restraining Order (to stop a foreclosure sale or stop an eviction), Lis Pendens (to cloud the marketability of the title to the real property), and Pro Se education material that can show you how to win a Quiet Title Lawsuit or win a Wrongful Foreclosure Lawsuit. This entire court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package is only $1495 and can help you save thousands of dollars in legal fees and help you increase your odds of success. For payment options or more information on this court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package please contact FRAUD STOPPERS PMA today at 844.372.8378 or open a case file for a Free Mortgage Fraud Analysis and Bloomberg Securitization Search to see if your current mortgage loan situation qualifies for a Quiet Title or Wrongful Foreclosure lawsuit here: https://www.fraudstoppers.org/free-mortgage-fraud-analysis/
For information on foreclosure defense call us at 844-372-8378. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.
Feel free to connect with us . . .
Address: Route 1, box 146, Birch Tree MO 65438 Phone: 844-372-8378 Email: Info@FraudStoppers.org
DISCLOSURE: NOTICE OF Copyright © 2017 FRAUD STOPPERS, FRAUD STOPPERS PMA. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Legal Information is NOT Legal Advice: This site provides “information” that is only designed to help users safely cope with their own general legal needs. Legal information is NOT the same as legal advice — the application of law to an individual’s specific circumstances. FRAUD STOPPERS is a National Private Members Association (PMA). PLEASE TAKE NOTICE OF THE FOLLOWING MARS Disclosure[s] 12 C.F.R. 1015.: (1) FRAUD STOPPERS PMA is NOT Affiliated with any Government Agency or Any Bank Lender; (2) Even if YOU Accept any of FRAUD STOPPERS PMA Products or Services Your Lender May Choose to NOT Change Your Loan. FRAUD STOPPERS products and services are only available to Active Members of the FRAUD STOPPERS PRIVATE MEMBERS ASSOCIATION. To join FRAUD STOPPERS PMA click here: https://www.fraudstoppers.org/members-only/