News & Analysis as of

Fraud Wells Fargo

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
Venable LLP

Update: Judge Allows Most of Receiver’s Claims Against Wells Fargo for Involvement with Negative Option Marketers to Proceed

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A few weeks ago, we wrote an article discussing two enforcement actions by the Federal Trade Commission in the Central and Southern Districts of California that highlighted the risks to payment processors and financial...more

Robins Kaplan LLP

Financial Daily Dose 9.01.2021 | Top Story: Jury Selection Begins in Long-Awaited Elizabeth Holmes Fraud Trial

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Dispatch #1 from the Elizabeth Holmes Theranos criminal fraud trial, which opened yesterday with jury selection and saw the excusing of 9 of the initial batch of about 50 potential jurors for lack of vaccination...more

SECIL Law

SEC’s Investigation into Wells Fargo Concludes with Actions Against Senior Executives

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On Friday, November 13, 2020, the U.S. Securities and Exchange Commission (“SEC” or “Agency”) followed up its February 2020 action against Wells Fargo & Co. (“Wells Fargo”) with actions against two senior officers—former...more

Thomas Fox - Compliance Evangelist

Compliance in the Hundred Acre Wood: Tigger and Sales Incentives

This week I begin a five-part series on compliance as seen through the lens of Winnie the Pooh and the characters who live in the Hundred Acre Woods: Pooh, Eeyore, Tigger, Kanga & Roo, and Piglet. Winnie-the-Pooh, also called...more

Robins Kaplan LLP

Financial Daily Dose 4.15.2020 | Top Story: US and Airlines Reach Deal on Industry Bailout

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The White House and the US airline industry have agreed in principle to a $25 billion bailout after weeks of “haggling” over the terms, including whether the Treasury Department was “effectively turning the grants into loans...more

Thomas Fox - Compliance Evangelist

Wells Fargo Settlement: Part 3 – Gaming

This week I am exploring the Wells Fargo Department of Justice (DOJ) and Securities and Exchange Commission (SEC) settlement of $3 billion. The case presents multiple lessons for the compliance professional and one very large...more

Thomas Fox - Compliance Evangelist

Wells Fargo Settlement: Part 2 – Cross-Selling

This week I am exploring the Wells Fargo Department of Justice (DOJ) and Securities and Exchange Commission (SEC) settlement of $3 billion. The case presents multiple lessons for the compliance professional and one very large...more

The Volkov Law Group

Wells Fargo Settles With Justice Department for $3 Billion

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This year, 2020, has been an enforcement year opening with billion-dollar settlements: first, Airbus settled FCPA charges for $4 billion, and now Wells Fargo for $3 billion.  What a start to an enforcement year!...more

Thomas Fox - Compliance Evangelist

Wells Fargo Settlement: Part 1 – It’s Even Worse Than Imagined

I did not think that the Wells Fargo fraudulent accounts scandal could get worse for the bank. Boy was I wrong. Last week, in a Press Release, the Department of Justice (DOJ) announced a that Wells Fargo & Company and its...more

Robins Kaplan LLP

Financial Daily Dose 12.03.2019 | Top Story: US Threatens Tariffs on French Goods Over New Digital Services Tax

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Because who wants a nice quiet December, right? Yesterday, the U.S. opened yet another trade war front by proposing retaliatory tariffs of up to 100% on a wide range of French imports after announcing that “it found France’s...more

Allen Matkins

California Law Requires Banks To Disregard Notice of Adverse Claims To Accounts

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In an all too familiar story, an insurance company's managing agent was tricked into transferring nearly $2 million into the fraudster's account at Wells Fargo Bank. The plaintiffs then sued the bank alleging that after...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending May 10, 2019

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Real Property Update - Ad Valorem Taxes: in a matter of first impression, county's immunity from taxation does not extend extraterritorially to property it owns in another Florida county - Joiner v. Pinellas Cnty., Fla.,...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending April 5, 2019

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Real Property Update - Foreclosure / Standing: bank cannot rely solely on its acquisition of prior lenderto prove standing where note was specially indorsed to prior lender - Certo v. The Bank of New York Mellon, No....more

Winstead PC

The Texas Supreme Court Denies Review In A Case Awarding Mental Anguish Damages, Exemplary Damages, and Other Damages For A...

Winstead PC on

Today, the Texas Supreme Court denied review in Wells Fargo v. Militello, No. 05-15-01252-CV, 2017 Tex. App. LEXIS 5640 (Tex. App.—Dallas June 20, 2017, pet. denied). In Militello, the court of appeals affirmed a trial...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Theranos founder and ex-CEO Elizabeth Holmes has been indicted on federal fraud charges along with former company president Ramesh Balwani.  The charges come three months after Holmes settled civil charges with the SEC....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Germany’s diesel emissions scandal bears a lot of resemblances to the Wells Fargo debacle here at home. It just can’t seem to quit itself. This week, we’ve learned that German authorities have opened a criminal inquiry into...more

Thomas Fox - Compliance Evangelist

Nights in White Satin – The Continued Pain at Wells Fargo

The Wells Fargo scandals continue to be one of the starkest lessons about the cost of a corrupt culture and the catastrophic effect it can have on an organization. The former Chief Executive Officer (CEO) and head of the...more

Thomas Fox - Compliance Evangelist

Farewell to Malcom Young and Disparaging the Wells Fargo Settlement

Emily Glazer and Allison Prang, reporting in a Wall Street Journal piece, entitled “Wells Fargo Fires a Top Official”, wrote about the termination of a 23 year company employee, Franklin Codel, who was the head of consumer...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending August 18 & 25, 2017

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Foreclosure: general reservation of jurisdiction in a foreclosure judgment is very limited, and certainly does not give trial court jurisdiction to eliminate a lien more than three years after Final Judgment of Foreclosure...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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While the Journal considers the ever-growing list of headaches for Khosrowshahi, including a new federal bribery probe over potential Uber FCPA violations....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Is the SEC officially on record with a warning about the viability of unregulated ICOs? It is. Is that stopping start-ups from creating and selling new virtual currencies at a torrid pace? It is not....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Uber CEO Travis Kalanick’s indefinite leave of absence just got a whole lot more definite with news late yesterday that, bowing to pressure from shareholders, Kalanick has resigned from his post altogether....more

Thomas Fox - Compliance Evangelist

Compliance Lessons for Executive Leadership from The Wells Fargo Investigation Report

Compliance lessons from truly one of the most damning reports of complete corporate failures around ethics and culture that has recently been seen....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Times gives us an intriguing long read on Uber’s Travis Kalanick, the controversial CEO whose vision has helped propel the ride-hailing company even as his no-limits approach has led the company into months of crisis....more

Thomas Fox - Compliance Evangelist

Farewell to J. Geils – Final Compliance Function Lessons from Wells Fargo

You may not recognize the full name, John Warren Geils Jr., but you probably do recognize the name J. Geils, as in the J. Geils Band, who died this week. J. Geils was ubiquitous in the 70s and early 80s with, as noted by an...more

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