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Ex-Wells Fargo execs square off with U.S. regulator in trial over phony account scandal

By Jody Godoy and Chris Prentice WASHINGTON (Reuters) -The Office of the Comptroller of the Currency (OCC), a top U.S. banking regulator, kicked off its civil trial on Monday of...
Ex-Wells Fargo execs square off with U.S. regulator in trial over phony account scandal © Reuters. FILE PHOTO: Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo

By Jody Godoy and Chris Prentice

WASHINGTON (Reuters) -The Office of the Comptroller of the Currency (OCC), a top U.S. banking regulator, kicked off its civil trial on Monday of three former Wells Fargo (NYSE:WFC) & Co executives over their alleged roles in a scandal involving phony accounts at the San Francisco lender.

The proceedings before an in-house OCC judge in Sioux Falls, South Dakota, mark a rare public confrontation between the regulator and former top bank executives it says are partly culpable for Wells Fargo's misconduct.

The OCC alleges that Wells Fargo's former risk officer Claudia Russ Anderson, former chief auditor David Julian and former executive audit director Paul McLinko failed to adequately perform their duties and responsibilities, contributing to Wells Fargo's "systemic sales practices misconduct" from 2002 to 2016.

The regulator brought https://www.reuters.com/article/us-wells-fargo-regulator-charges/u-s-bank-regulator-charges-ex-wells-fargo-executives-for-role-in-sales-scandal-idUSKBN1ZM2M2 civil charges last year against the trio, as well as other former Wells Fargo executives, and has demanded they pay nearly $19 million combined to settle the matter. It is also seeking to bar Russ Anderson from the banking industry over allegations of outright law and regulation violations.

The long-running scandal over Wells Fargo's pressurized sales culture that led staff to open millions of unauthorized or fraudulent customer accounts has cost the bank billions of dollars in civil and criminal penalties and has badly damaged its reputation.

"The record reflects that from at least 2013-2016 sales practice misconduct was pervasive and widespread," administrative law judge Christopher McNeil said in opening remarks detailing the allegations against each of the former executives.

Russ Anderson, Julian and McLinko are fighting the allegations. Attorneys for the trio did not respond to requests for comment but an attorney representing Julian raised allegations of potential bias and credibility issues of government examiners in opening motions, hinting at a potential defense strategy.

A spokesperson for Wells Fargo declined to comment beyond a January 2020 statement in which CEO and President Charlie Scharf said the OCC's actions were consistent with holding the firm and individuals accountable for "inexcusable" sales practices issues.

"This hearing represents the culmination of the OCC's longstanding efforts to hold these individuals accountable for material failures in risk management and for consumer harm," the OCC said in a statement on Friday, forecasting the trial to last at least two weeks.

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28-09-2021 04:43:45 (UTC+7)

EUR/USD

1.1697

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

EUR/USD

1.1697

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

GBP/USD

1.3703

+0.0008 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (0)

USD/JPY

110.99

-0.01 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

AUD/USD

0.7287

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

USD/CAD

1.2626

-0.0001 (-0.01%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (3)

EUR/JPY

129.83

+0.05 (+0.04%)

Summary

Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (3)

EUR/CHF

1.0837

+0.0014 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

Gold Futures

1,749.85

-1.85 (-0.11%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

22.637

+0.212 (+0.95%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (1)

Copper Futures

4.2797

-0.0058 (-0.14%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (3)

Crude Oil WTI Futures

75.41

+1.43 (+1.93%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

78.61

0.00 (0.00%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Natural Gas Futures

5.860

+0.660 (+12.69%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Coffee C Futures

194.98

+0.63 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (0)

Euro Stoxx 50

4,165.48

+6.97 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

S&P 500

4,443.11

-12.37 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (9)

DAX

15,573.88

+42.13 (+0.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

FTSE 100

7,063.40

+11.92 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Hang Seng

24,208.78

+16.62 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,281.79

+33.71 (+1.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

9,002.90

+129.80 (+1.46%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (2)

BASF SE NA O.N.

64.740

+1.040 (+1.63%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (5)

Bayer AG NA

47.47

+0.99 (+2.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Allianz SE VNA O.N.

196.19

+3.85 (+2.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

Adidas AG

278.80

-2.77 (-0.98%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Deutsche Lufthansa AG

6.561

+0.328 (+5.26%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (2)

Siemens AG Class N

147.27

-0.84 (-0.57%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

Deutsche Bank AG

11.120

+0.285 (+2.63%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (3)

 EUR/USD1.1697↑ Buy
 GBP/USD1.3703↑ Buy
 USD/JPY110.99↑ Sell
 AUD/USD0.7287Neutral
 USD/CAD1.2626Sell
 EUR/JPY129.83Sell
 EUR/CHF1.0837↑ Buy
 Gold1,749.85↑ Sell
 Silver22.637Neutral
 Copper4.2797Neutral
 Crude Oil WTI75.41↑ Sell
 Brent Oil78.61↑ Sell
 Natural Gas5.860↑ Buy
 US Coffee C194.98↑ Buy
 Euro Stoxx 504,165.48↑ Sell
 S&P 5004,443.11↑ Sell
 DAX15,573.88↑ Sell
 FTSE 1007,063.40↑ Sell
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,281.79↑ Sell
 IBEX 359,002.90Buy
 BASF64.740↑ Sell
 Bayer47.47↑ Buy
 Allianz196.19↑ Buy
 Adidas278.80↑ Sell
 Lufthansa6.561↑ Buy
 Siemens AG147.27↑ Sell
 Deutsche Bank AG11.120↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(0/ 0) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 28-09-2021 04:43:47
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ↀ Giá vàng thế giới
$1,750.17+0.670.04%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
DO 0,001S-V1693017260
Dầu hỏa1564015950
ↂ Giá dầu thô thế giới
WTI$75.41+0.290.38%
Brent$79.40+0.460.57%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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