Thread regarding Wells Fargo & Co. layoffs

OCC Settles With Former Wells Fargo Auditors Over Misconduct

A key US banking regulator unveiled settlements with two former Wells Fargo & Co. auditors who were alleged to have ties to the bank’s systemic sales-practice misconduct, according to a statement Friday.

The orders resolve actions the Office of the Comptroller of the Currency initiated against David Julian, former chief auditor, and Paul McLinko, former executive audit director. The regulator assessed a $100,000 civil money penalty against Julian and a $50,000 civil money penalty against McLinko.

A 2020 investigation by the OCC concluded that executives opened millions of unauthorized customer accounts, transferring funds without customer consent and lying to customers that certain products were available only as a package deal.

https://www.advisorhub.com/two-ex-wells-fargo-auditors-reach-settlement-with-bank-regulator/

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| 2193 views | | 9 replies (last April 30, 2025) | Reply
Post ID: @OP+1jstghk8k

9 replies (most recent on top)

@mn+1jstghk8k, People like Claudia Russ Anderson and Carrie Tolstedt still need to go to jail. They were some of the criminals who were deeply involved in the fake customer account creation.

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Post ID: @td+1jstghk8k

@dq+1jstghk8k

Sure, but the people in charge at that time left looong ago. At this point the cap is like throwing a random passer by in jail because someone ELSE stole a purse. The vast majority of the company has been turned over or downsized since 2014, and all of the leadership group is different. So who's being punished, and why?

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Post ID: @mn+1jstghk8k

A slap on the wrist, yeah that'll teach em...

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Post ID: @gm+1jstghk8k

Reading this brings back memories. When I was at WF in tech, the "Account Scandal" (AS) honestly didn't feel like that big of a deal. It seemed more like a sales/marketing issue, a sc--w-up that didn't directly impact my day-to-day tech duties. Little did I know how wrong I was.

After getting laid off, the Account Scandal came up in almost every single interview. Recruiters and hiring managers wanted to know if I was involved, my thoughts on it, how it affected my work, what I thought of WF management, and how I handled disagreeing with management.

They also asked tough hypotheticals about reporting unethical behavior. Questions like, "If you saw something unethical happening, even if it wasn't in your direct area, what steps would you take?" or "How would you handle a situation where your manager asked you to do something you felt was ethically questionable?" My first few interviews didn't go well because I was genuinely surprised it was such a major focus and probably came across as clueless or evasive. I quickly learned I needed to have a thoughtful answer ready. I am not a crook!

I don't know about you, but my experience was that the "account scandal" was a constant topic in interviews. How did others here handle questions about the Account Scandal, WF management, or the culture during their job search?

Just a heads-up for other tech folks laid off from WF: be prepared. It's not just the "account scandal" that comes up. In tech interviews now, you might also face detailed questions about the "Agile transformation fail" and the "cloud migration challenges" at WF. You'd be surprised how much tech leadership outside of WF knows (or thinks they know) about the specific tech issues at the bank. Be ready to talk about your experience with those initiatives, your role, and what you learned. And have your answers prepared for those ethical hypotheticals – they want to see that you understand the importance of reporting issues and have a process in mind for handling difficult situations, potentially linking back to lessons learned (by the industry) from the AS. Don't underestimate how much these perceived failures and the ethics questions are known in the industry and how they might come up when discussing your experience.

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Post ID: @f9+1jstghk8k

Average person steals $5 and goes to jail. Bank executives steal $5 million from hard working customers and nobody goes to jail.

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Post ID: @dq+1jstghk8k

What about Claudia Russ Anderson? It seem like everyone got off including Carrie Tolstedt. If they finna allow everyone to get off then they need to settle with her too.

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Post ID: @dp+1jstghk8k

Nobody forgets the fake customer accounts WF created. WF executives are the most dishonest bank executives in the world.

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Post ID: @dn+1jstghk8k

Jacka$$ - TD / US Bank / BOA all engaged in similar misconduct and never received the same media coverage / fines / regulatory consequences. So, we should shut down all banks, basically ?

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Post ID: @d1+1jstghk8k

Regulators should have shut down Wells Fargo. I cannot fathom any advisor or employee working for a poorly managed institution. Clients are better off elsewhere. Also, I am hopeful that the asset cap is never removed.

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Post ID: @cv+1jstghk8k

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