Three more Wells Fargo execs fined, one banned in fake accounts scandal

Wells Fargo sign.jpg
Posted at 8:46 AM, Sep 24, 2020
and last updated 2020-09-24 11:46:33-04

Three former senior Wells Fargo executives have agreed to settlements with regulators over their role in the bank's fake accounts scandal.

According to a statement from the Office of the Comptroller of the Currency, former Community Bank Group Finance Officer Matthew Raphaelson has agreed to pay $925,000 and was banned from working in the banking industry.

As a strategic planning leader for Wells' community banking operations, Raphaelson oversaw the company's cross-selling strategy and sales model, which involved "imposing unreasonable sales goals," the OCC said.

That led to illegal activity like bank employees issuing products and services to customers without their consent or manufacturing consent with false or misleading statements.

Read more from the Phoenix Business Journal.