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Carrie Tolstedt, a fired top Wells Fargo & Co. executive heavily involved in the 2016 fraudulent customer account scandal, has paid a $17.5 million fine ordered by the Office of
A reporter tried for more than two years to speak with Michael Bacon, the megabank's former chief security officer. Bacon eventually sat for around 30 interviews, painting a detailed picture of the Wells executive suite as the fake-accounts scandal unfolded.
After the scandal explodes, Wells Fargo's former chief security officer embarks on a long journey into the legal system.
An article in the Los Angeles Times provides an opportunity for bank executives to address the underlying problems. Instead comes a focus on damage control.
The bank establishes a committee with the express purpose of addressing employee misconduct. But as the problem of unauthorized customer accounts grows, it stops meeting.