A Wells Fargo branch manager who was terminated after raising concerns about fellow employees opening accounts for customers without their permission has been reinstated at her position. In addition, she was paid over half a million in back wages by Wells Fargo.
This financial services whistleblower noticed accounts being opened illegally and did the right thing by reporting it. This cost her job, but as the practice of opening accounts without the knowledge or consent of customers at Wells Fargo continued, it became a huge scandal.
Wells Fargo ended up paying $185 million to local and federal authorities, $142 million in a class action settlement with the affected customers, and $577,500 in back wages, attorney’s fees, and damages to the whistleblower.
Blowing the Whistle on Financial Fraud
Fraud within the finance industry can have far-reaching consequences for taxpayers and the government, and is unfortunately fairly widespread. The Wells Fargo sales practices scandal is just the most recent example of banks defrauding their customers.
If you have knowledge and evidence of financial being committed, it can pay to become a whistleblower. Make sure that you hire an experienced whistleblower attorney before attempting to expose the fraud, though. Our attorneys can advise you on your case and help you to obtain the best possible outcome.
Schedule a Confidential Consultation Today
If you are sitting on information that could expose fraud within the financial industry, don’t hesitate to contact the attorneys at Yoffy, Turbeville & Reichle at 800-898-5192 for your free and confidential consultation.