Preview

Business Fraud: Wells Fargo's Fake Financial

Satisfactory Essays
Open Document
Open Document
183 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Business Fraud: Wells Fargo's Fake Financial
A business fraud I came across is known as "Wells Fargo's Fake Accounts". As everyone knows Wells Fargo is one of the most used banks even back when it was known as Washington Mutual. This business fraud is quite interesting because I didn't think this kind of fraud could happen. Back in December 28,2016 Wells Fargo was caught with fake accounts. The employees for this bank had a quota that had to be submitted by a certain date and time. In order for the employees to meet their quota they thought of opening fraudulent customer accounts, but, in order not to be caught most of the accounts were closed before customers had a chance to notice. Until one day the customer had to pay associated fees and their credit rating started to drop. Due to
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    Su Ru Chen Vs. Wells Fargo Bank
    • 766 Words
    • 4 Pages

    Su Ru Chen Vs. Wells Fargo Bank

    The Pappases could be liable on this contract. If a principal is partially disclosed or undisclosed, the principal and the agent may be liable for nonperformance. The payment checks were payable to Kevin and deposited into his personal account not an Outside Creations account. Also during the signing of the contract, the contract didn’t mention Forever Green and neither did the Pappas. The Crisses were unaware of Forever Green.…

    • 766 Words
    • 4 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    ACC 571 Week 2 Assignment 1 Corporate Fraud Schemes Strayer Latest
    • 293 Words
    • 2 Pages

    ACC 571 Week 2 Assignment 1 Corporate Fraud Schemes Strayer Latest

    researched. Consider the risk factors, the elements of fraud, and the analysis of competing hypotheses.…

    • 293 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Wells Fargo And Company (WFC-Analyst Report
    • 522 Words
    • 3 Pages

    Wells Fargo And Company (WFC-Analyst Report

    The article reported how representatives at Wells Fargo received false strategies to accomplish the sky-scratching deals targets, including the opening of unapproved and…

    • 522 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    What Is Wells Fargo Unethical Behavior
    • 97 Words
    • 1 Page

    What Is Wells Fargo Unethical Behavior

    In 2016 one of the biggest financial scandals occurred with one of the major banks in the United States of America. Wells Fargo employees engaged in serious unethical behavior throughout the year of 2016. An uncountable amount of Wells Fargo employees created over two million fraudulent accounts for customers who had no idea. The customers did not know accounts were being opened nor authorized the openings of these accounts. Employees at the Community banking level of Wells Fargo felt pressured into adding more accounts for already existing members. The pressure for added accounts came from higher…

    • 97 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Good Essays

    Case Study Wells Fargo
    • 462 Words
    • 2 Pages

    Case Study Wells Fargo

    Wells Fargo is helping military veterans transition to new careers and build their professional network with a $50,000 investment in John F. Kennedy University’s VALOR Center. The grant will fund a veteran-focused entrepreneurial program, develop a network of mentors, and promote the available resources to other veterans that might not be aware of these wonderful resources.…

    • 462 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    The Wells Fargo Merger
    • 257 Words
    • 2 Pages

    The Wells Fargo Merger

    During the years 2009 thru 2015, Wells Fargo has had to participate and defended a plethora of legal issues that were filed against them or their subsidiaries. Throughout these years Wells Fargo was involved in a total of 28 different legal issues. Many of the lawsuits main contributor were Wachovia. These legal issues ranged from violations to bankruptcy laws, wrongful termination to contracts, documents containing untrue statements, targeting and steering minorities into high-cost mortgages, additional mortgage lawsuits, breach of contract with Visa/Master…

    • 257 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Week 5 Article Review
    • 457 Words
    • 2 Pages

    Week 5 Article Review

    Fraud is a real threat to the financial stability of a corporation and even the country. The legal issues presented in the article show how damaging fraud truly is. Of the over 1,200 companies that filed for bankruptcy in the study, 77.8% had some sort of fraud (Nogler & Inwon, 2011). These numbers show that…

    • 457 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Wells Fargo History
    • 878 Words
    • 4 Pages

    Wells Fargo History

    Another significant event in Wells Fargo history is in 1981 a Wells Fargo employee, specifically a Wells Fargo Operating officer, embezzled $21.3 million, which was reported the largest embezzlement ever. The employees plead guilty to writing phony debit and credit receipts to his friend’s accounts, while receiving a $300,000 cut.…

    • 878 Words
    • 4 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    The Negative Aspects Of Wells Fargo
    • 83 Words
    • 1 Page

    The Negative Aspects Of Wells Fargo

    We all know that bad things can happen to good people. And so it goes with corporations. Wells Fargo has been such a good company this is very sadden about what had happen. Although it deserves to be castigated for the outrageous actions of its employees, managers and executives, we should resist painting the institution itself with too broad of a brush. As Congress and the media focus national attention on the scandal, we should not lose sight of the company's many…

    • 83 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Analysis Of Wells Fargo
    • 83 Words
    • 1 Page

    Analysis Of Wells Fargo

    Wells Fargo announced it has donated $450,000 to four nonprofits in support of people with disabilities to be successful financially. The four recipients were National Disability Institute, National Federation of the Blind, Disability Rights Education & Defense Fund, and Association of People Supporting Employment First. These grants add to the $25 million Wells Fargo donated from 2013. Wells Fargo’s Kathy Martinez stated that Wells Fargo’s efforts are to improve accessibility to everyone and help promote programs and empower people with disabilities (Business Wire,12.17.15).…

    • 83 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Powerful Essays

    ZZZZ Best Company Fraud: Case Study
    • 1765 Words
    • 8 Pages

    ZZZZ Best Company Fraud: Case Study

    At an early age, Barry Minkow was introduced to the carpet cleaning industry by his mother who worked part time as a telephone solicitor for a small carpet cleaning company. This insight of the industry allowed Minkow to understand that the carpet cleaning industry was one which had very few barriers to entry, no licensing requirements, and required only a small amount of capital to enter. Also, because of these few barriers to entry, the industry has historically attracted a larger number of faulty startups in comparison to other industries. At 16 years old, Minkow started his carpet cleaning company under the name of ZZZZ Best Company. Right away he had a difficult time with customer complaints, stringent competition, and the inability to collect all checks, and vendors insistent on collecting payments. These all combined together prevented ZZZZ Best from becoming anything but marginally profitable, which was a red flag for banks who wouldn’t lend Minkow money. The fraud started when Minkow started to come up with his own innovative ways to finance his business, including: check kiting, credit card forgeries, and the staging of thefts to fleece his insurance company. Minkow was smooth and had charm which allowed all of these false financing options to be possible. Minkow’s success at beating the system encouraged him to further exploit fraudulent activities in different areas. Minkow befriended numerous friends whom aided his fraudulent activities, including an insurance claims adjuster. Minkow promised to pay this adjuster $100 per week if he would confirm to banks that ZZZZ Best was the recipient of occasional insurance restoration contracts. Minkow used these phony insurance restoration contracts to generate the paper profits and revenues that were needed to convince bankers to loan his business money. Minkow also created phony financial statements in order to complete these loans. Soon, insurance…

    • 1765 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Better Essays

    Fraud Case Study
    • 1502 Words
    • 7 Pages

    Fraud Case Study

    The definition of fraud is “an intentional deception or deceit, perpetrated for profit or to gain some unfair or dishonest advantage” (dictionary.com). Fraud is a breach of law and can be punishable by law. Mortgage fraud is one of the financial crimes where a company materially misrepresents or omits information on its mortgage loan documentation in order to secure a loan larger than what is actually required for the business. It could be perpetrated by one or more participants, including the borrower, real estate agent, loan officer, appraiser or multiple related parties. Fraud not only destroys a company’s reputation and makes customers feel that accompany unreliability but it also hurts homeowners, businesses and the national economy. It is crucial for companies to prevent fraud. However, sometimes the company commits fraud unintentionally. Companies need to focus on knowing and studying the ways to prevent it. The U.S. government has a department, known as the U.S. Securities and Exchange Commission (SEC), which inspects frauds. The primary purpose of the SEC is to control the stock market and prevent company malpractices, especially involving the purchasing of securities and company reports. The SEC has the power to license and moderate stock exchanges, the companies, which securities can be traded, and the dealers and brokers who do the trading.…

    • 1502 Words
    • 7 Pages
    Better Essays
    Read More
  • Good Essays

    Accounting Fraud
    • 584 Words
    • 3 Pages

    Accounting Fraud

    The Public Company Accounting Oversight Board (PCAOB) defines fraud as “an intentional act that results in a material misstatement in financial statements that are the subject of an audit. Two types of misstatements relevant to the auditor’s consideration of fraud include: misstatements arising from fraudulent financial reporting and misstatements arising from misappropriation of assets.”…

    • 584 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Fraud Case
    • 413 Words
    • 2 Pages

    Fraud Case

    Khanani and Kalia was one of the largest currency exchange companies in the country, founded in 1983 by Hanif Kalia. Khanani and Kalia claims to be Pakistan’s first ISO 9001 and 27001 certified Exchange company. The directors of the company were accused of violating the Foreign Exchange Regulations Act, the Prevention of Electronic Crimes Ordinance and the Pakistan Penal Code by operating a money transfer system based on personal contacts, known as Hawala. Munaf Kalia and Javed Khanani, directors of Khanani and Kalia International (KKI), were arrested by FIA on the charges of money laundering worth 10 billion. Nine officials of the National Database and Registration Authority were also arrested from various offices in Karachi based on charges of making fake identity cards.…

    • 413 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Fraudulent Financial Reporting
    • 590 Words
    • 3 Pages

    Fraudulent Financial Reporting

    In 2013, China Metal Recycling Ltd. was accused by The Security and Future Commission in Hong Kong as it was involved in accounting fraud. It exaggerated accounts for loan, land and its warehouse receipts in its public offering financial statements for 2009. Also, its main subsidiary’s revenue was deliberately inflated according to powerful evidence. As a result, the CEO, Jacky Chun, was arrested because of irresponsibility of proper records on purpose, and some auditors related violated Professional Accounting Ordinance due to publicizing the annual reports with false information.…

    • 590 Words
    • 3 Pages
    Satisfactory Essays
    Read More

Related Topics