Corruption, Crime and Compliance - Deep Dive Into Wells Fargo’s $30 Million OFAC Settlement
Episode 269 -- A Deep Dive into Wells Fargo's OFAC Settlement for $30 Million
Daily Compliance News: October 16, 2020-the Wells Fargo Corruption Continues edition
Daily Compliance News: September 24, 2020-the Wells Fargo CEO steps in it edition
Compliance into the Weeds: Wells WAC-O Spending
Episode 127 -- Deep Dive into the OCC Enforcement Action Against Wells Fargo CEO and Senior Executives
Daily Compliance News: August 5, 2019, the Wells Fargo sick of being taken advantage of edition
Compliance into the Weeds: Episode 117-Wells Fargo Update
Day 1 of One Month to Better Investigations and Reporting-Introduction to Investigations and Internal Reporting
Unfair and Unbalanced-Episode 18
Day 10 Of One Month to Better Compliance through HR-Sales Incentives and Compliance
FCPA Compliance Report-Episode 284, Mike Scher
This Week in FCPA-Epiode 23, the Wells Fargo edition
Bill on Bankruptcy: Sigmund Freud, Marx Brothers, Bernie Madoff
Key Points - On March 30, 2023, OFAC announced a settlement agreement with Wells Fargo for 124 apparent violations of three different sanctions programs (Iran, Syria and Sudan), all related to a legacy Wachovia Bank...more
Not that I am a glutton for punishment, but I always find enforcement actions to supply a number of valuable lessons learned. There are always instructive nuggets of information, opportunities missed, and root causes that...more
Some were surprised by the recent move by the Department of Justice in focusing on the importance of incentives and disincentives as an important factor in an effective ethics and compliance program. Others, however, had been...more
The latest legal buzzword, ESG, represents the environmental, social and governance factors that many corporations are now required to consider and disclose alongside traditional financial information such as operating...more
Dicky Maegle died yesterday. Not familiar with that name? He is the greatest running back in the history of Rice University (then Rice Institute). In 1954 he was an All-American, led the nation in punt returns, led the nation...more
Carrie Tolstedt was recently in the news again. Remember her? She was the chief architect of Wells Fargo’s strategy to get customers to purchase as many products as could be rammed down their throats. Recently a federal...more
In today’s edition of Daily Compliance News: 1. Wells Fargo fires over 100 for lying about PPP loan apps. (Forbes) 2. Store workers get fight prevention training for Covidiots. (NYT) 3. Largest criminal tax evasion case ever...more
In today’s edition of Daily Compliance News: 1. Jay Clayton craters. (Reuters) 2. Wells Fargo CEO steps in it (again) Imagine that. (WSJ) 3. Hollywood still doesn’t get it. (WaPo) 4. First Aunt Jemimah, now Uncle Ben’s...more
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt Kelly and Tom Fox consider the...more
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
We all are familiar with the “horror” stories circling numerous infamous corporate scandals – Wells Fargo, Boeing, General Motors, Airbus, Ericsson, HSBC and on and on. When you read about each of these scandals, layer by...more
This week I have been 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...more
We often hear about the dangerous risk to a company’s culture from rigorous sales incentive programs. Like most issues, the answer to this issue is not cut and dried....more
In a comprehensive enforcement action, the Office of the Comptroller of Currency (OCC) announced a $17.5 million settlement with former Wells Fargo Bank CEO John Stumpf for his role in the sales practices misconduct scandal....more
Google will pay a “record $170 million fine and make changes to protect children’s privacy on YouTube” as part of a deal it reached this week with the FTC and NY AG’s office, both of whom had accused YouTube of “violating the...more
Fonda’s life informs today’s blog post as we begin a multi-part series based upon the recent Harvard Business Review (HBR) Spotlight on White Collar Crime. Today, we begin the article by Paul Healy and George Serafeim,...more
You really do have to appreciate Wells Fargo & Co. Perhaps solely of the most recent spate of US corporate ethics scandals, it is the company that keeps giving and giving and giving. On the other hand, it may simply be that...more
In today’s edition of Daily Compliance News: Wells Fargo sick of being taken advantage of by vendors. (Dealbreaker) What is a conflict of interest? When a charity directs its members to a top donor. (NYT) US Soccer continues...more
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in...more
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
Federal prosecutors and regulators have been active in tackling US banks. In the last few weeks, the Federal Reserve took the extraordinary step of blocking Wells Fargo’s ability to grow its business until it improves its...more
Wells Fargo’s ability to grow its business is on hold for a year while it designs and implements a remediation program to address deficiencies in its board governance, risk management and compliance program. ...more
In an extraordinary action, with significant ramifications for the financial industry, the Federal Reserve recently announced a series of enforcement actions against Wells Fargo....more
After almost two years, you might think that Wells Fargo, its senior management and Board of Directors would have gotten the message from its regulators to take its compliance obligations seriously, remediate and put ethics...more