Wells Fargo Scam Proves Banks Are Rotten to the Core, Time to Opt for Bitcoin
The Los Angeles City Attorney and Consumer Financial Protection Bureau fined Wells Fargo US$185 million for creating fake bank accounts to meet their sales targets. The incident presented a convincing case for Bitcoin and its ability to grant users complete control over their money. Wells Fargo, officially the world’s largest bank at US$254 billion market cap, recently released more than 5,000 employees for creating fake bank accounts to increase the company’s sales. To satisfy their sales goals, employees created a staggering 2 million fake bank accounts and then moved customer’s money....
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A major factor which played a part in the Wells Fargo scam was poor and non-transparent data management. Could implementation of the Blockchain have helped in preventing the occurrence of such fraudulent activities? Bank too big to manage. The unethical behaviour by Wells Fargo has generated a lot of reaction from both the legal and the financial institutions in recent weeks. Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts without their customers knowing it. The illegal accounts earned the bank unwarranted fees and allowed Wells Fargo employees....
Wells Fargo has joined the race alongside JPMorgan in launching Bitcoin funds. The two big banks have both processed Bitcoin funds with SEC – the Securities and Exchange Commission. They are another pair of renowned banks to broaden their interest in cryptocurrency. Wells Fargo is an American multinational financial services company in the United States […]
Wells Fargo is the next major banking and financial services provider to join the mix of offering crypto assets. The news comes after last week’s report that Swiss-based institution UBS Group AG was looking to make a similar move. Wells Fargo’s Change In Perspective Just a few years ago, Wells Fargo was banning credit card […]
Wells Fargo will soon offer “a professionally managed solution” for cryptocurrency to clients. “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” said the president of Wells Fargo Investment Institute. Wells Fargo Getting Into Crypto Darrell Cronk, the president of Wells Fargo Investment Institute, a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, revealed his team’s crypto plans to the Insider in an interview published....
Wells Fargo to host a public event on virtual currencies. Last week, here at CCN we reported on Wells Fargo calling a Bitcoin Summit to discuss "Rules of Engagement" for banks and Bitcoin. This original private summit was held on January 14th, 2014 and was headed by Jim Richards, the Vice President in charge of Wells Fargo's financial crimes risk management division. Presumably, at the January 14th summit, Wells Fargo and other banking officials saw a greater need for wider dialogue that included the public. According to this flyer released by Wells Fargo yesterday, Wells Fargo and Buckley....