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Wells Fargo Whistleblowers Reported Fake Bank Accounts in 2005

HeadlineOct 12, 2016

In financial news, former Wells Fargo whistleblowers are coming forward saying they reported the fraudulent creation of fake bank accounts to their supervisors and Wells Fargo’s internal ethics hotline as early as 2005, but that their reports were ignored, and some of them were fired for speaking out. Wells Fargo is currently facing a massive scandal over the creation of 2 million fake accounts, which employees opened in order to meet grueling sales targets. Wells Fargo CEO John Stumpf has said he first became aware of the practice in 2013. But former Wells Fargo worker Julie Tishkoff says she reported the practice as early as 2005—the year Stumpf became the president of Wells Fargo. She says she complained for four years—until she was fired, in 2009. At least two workers reported the practices in letters written directly to Stumpf in 2011—two years before Stumpf claims he learned about the practice.

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