Thread regarding Wells Fargo & Co. layoffs

WF Insurance Services and Auto Loan Fraud

It all makes sense now in light of the new fraud findings related to auto insurance policies created for customers who applied for auto loans. WF has sold off Insurance Services (WFIS) which is part of the Wholesale Division and responsible for selling insurance including automobile in bulk to individual customers and businesses. It seems that WF has known that things were going to implode in WFIS because their “book of business” has “fraudulent” accounts for policies that policy holders didn’t even know they have.

Therefore, WF had purposely sold off WFIS to USI Insurance Services in June of 2017 and the deal is to be closed by end of 2017. Based on the current findings and further forensics discovery, USI may now kill the deal altogether given they did not know that the “book of business” they bought has so many fraudulent accounts.

Any thoughts? Are there other mass graves waiting to be discovered?

by rickster
| 1392 views | | 5 replies (last August 2, 2017) | Reply
Post ID: @OP+Oy8R9FK
Comment! It's anonymous!

5 replies (most recent on top)

The executives committed insider trading and dumped their stocks before the fraud scandal hit and then reduced the bonuses and severance of employees just before laying them off. Put them all in prison.

by Anonymous
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Post ID: @1rfz+Oy8R9FK

I'm hoping to get laid off while there is still a company to get a severance out of.. such as it is since they changed the severance guidelines. It's like a house of cards.

by Anonymous
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Post ID: @1hel+Oy8R9FK

This is just another black eye for Wells Fargo. What is really bad is that the senior leaders knew about this for a year before they ever went public and only did so because the media caught wind of it and was going to report it. This is much like the fraudulent accounts that were make for a number of years, they knew about it long before it ever went public and I know for a fact that just before the news hit, executives were cashing in their stocks for millions so they wouldn't take a hit when the stock plummeted. How much more is there out there and how much more is the senior leaders keeping under their hat before those things too come to light?

by Anonymous
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Post ID: @1exl+Oy8R9FK

Now the Wholesale Division as a whole like Community Banking will have to do a major reorganization and a massive layoff of employees. Now Congress including Maxine Waters and Elizabeth Warren wants Tim Sloan and Stephen Sanger the Chairman of the Board to testify in front of Congress like John Stumpf. It's going to get ugly.

by Anonymous
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Post ID: @xdv+Oy8R9FK

Tim Sloan was the Senior Group EVP in charge of Wholesale including WFIS that issued all those auto insurance policies and now he is the CEO.

by Anonymous
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Post ID: @bjo+Oy8R9FK

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