Wells Fargo gets into trouble yet again over an alleged fraud
The FX sales group had agreements with customers for fixed spreads between buy and sell prices, but then “surreptitiously and systematically” charged much higher spreads, pocketing millions for Wells Fargo.
Some people would make up rates and calculations to pretend that they were meeting their obligations. They would also transpose numbers to inflate profits and, if caught, would claim it was an honest mistake. If customers did notice issues, the salespeople would lie and sometimes create fake transaction data.Now, I might just have missed something, but when I went through the government’s press release and
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