Main task
Present an analysis of the ethically and legally relevant elements raised by the “Wells Fargo Banking Scandal” (find the website link below) , proposing a strategy and stating the appropriate rules to ensure sound business practices in related situations.
Note that your work shall present a critical thinking angle and that your arguments shall be backed up by relevant literature and resources duly cited and referenced.
Please make sure you support your statements with information from relevant sources, respecting the Harvard Referencing Style Guide in use.
Wells Fargo Banking Scandal link:
https://en.wikipedia.org/wiki/Wells_Fargo_cross-selling_scandal
Other details:
IMPORTANT NOTES THAT WILL GUIDE YOU WHEN WRITING THIS ASSIGNMENT
The Wells Fargo Banking Scandal is one of the largest corporate frauds in history. It has involved the unauthorized opening of more than two million credit card and bank accounts, which affected more than half a million customers at one point. This scandal shows that it’s important for corporations and individuals alike to be careful with how they handle personal information when conducting business online
A. Wells Fargo has broken the law by failing to adequately oversee its employees.
Wells Fargo is a financial institution that engages in banking, credit card and other financial services for consumers and small businesses. The company is also one of the largest providers of home mortgages in America, which means that it has a huge impact on people’s lives. In addition to providing these services, Wells Fargo also manages some investments for clients through its Registered Investment Advisor (RIA) division–a group of independent advisors who help investors manage their money through mutual funds or ETFs (exchange-traded funds).
The bank has been found guilty of fraud and misleading customers. The U.S. Department of Justice has fined Wells Fargo $185 million as part of an investigation into its sales practices, where employees opened accounts without customer consent or authorization, resulting in unauthorized charges being made on those accounts by the bank’s customers. Furthermore, Wells Fargo was fined another $5 million by the Consumer Financial Protection Bureau for opening fake email addresses to try and sell additional products to consumers who had already been offered them by other banks .
Wells Fargo has violated fiduciary duties to its shareholders and investors, as well as to its own customers, by engaging in the fraudulent practices outlined above. Fiduciaries are required by law to act in the best interests of those who entrust them with money or property (i.e., their clients). In this case, Wells Fargo failed to do so because it prioritized maximizing profits over ensuring that customers were treated fairly and honestly at all times. This breach of fiduciary duty can be distinguished from many other forms of misconduct because it involves a financial institution rather than just an individual employee acting unethically on his own accord; however, most importantly it was committed against shareholders who ultimately suffered losses due to unethical business practices at their investment firm.”
If convicted of the charges against them, both executives at Wells Fargo could be sentenced to up to 20 years in prison for each felony charge of conspiracy to commit wire fraud, aiding and abetting wire fraud, and aggravated identity theft (a felony punishable by up to 10 years in prison on each count).
The aggravated identity theft charge is an example of one of the more serious crimes outlined by federal regulations. It involves using someone else’s personal information as if it were your own–for example: assuming someone else’s Social Security number so that you can apply for credit cards; using a fake birth certificate or other document bearing another person’s name; or using paper money with another person’s name printed on it.
The Wells Fargo scandal shows that it’s important for corporations and individuals alike to be careful with how they handle personal information when conducting business online.
This scandal also shows that it’s important for corporations and individuals alike to protect their own personal data from being compromised by hackers, who may use the information for identity theft or other criminal purposes.
It’s also important not to share any personal information online unless you know exactly why you’re doing so–and even then, only with people who need access (or want access) according to the rules laid out by your company or organization.
Interestingly enough, the criminal case against Wells Fargo may not be over just yet. The bank is currently facing thousands of class-action suits from customers who allege that they were harmed in some way by the scandal. These lawsuits could lead to even more financial penalties for Wells Fargo if they’re proven guilty at trial
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