OCC Assesses Civil Money Penalty of $20 Million Against Wells Fargo, Requires Restitution of $14.5 Million to Municipalities Harmed by Bid-Rigging on Financial Products

OCC Assesses Civil Money Penalty Against Wells Fargo, Requires Restitution to Municipalities Harmed by Bid-Rigging on Financial Products

WASHINGTON — The Office of the Comptroller of the Currency announced today that it has assessed a civil money penalty of $20 million against Wells Fargo Bank, N.A. (“bank”), and required it to pay more than $14.5 million in restitution for the involvement of the bank’s predecessor institutions, Wachovia Bank N.A. and First Union National Bank (“predecessor banks”), in a bid rigging scheme involving the marketing and sale of certain derivative financial products to various municipalities and Section 501(c)(3) organizations harmed by the predecessor banks’ misconduct during the period 1997 – 2006. The restitution amount includes improper gains and prejudgment interest calculated thereon from 42 rigged transactions.

The OCC also executed a formal agreement with the bank that requires it to implement a detailed plan to enhance and strengthen its policies, procedures, and internal controls related to competitively bid transactions conducted within the bank’s Municipal Derivatives Marketing and Trading groups, and to take steps to ensure that adequate policies, procedures, and controls are in place related to transactions involving competitive bidding bank-wide. The OCC’s formal enforcement action against the bank is part of a global resolution of actions coordinated with the U.S. Department of Justice, U.S. Internal Revenue Service, U.S. Securities and Exchange Commission, Federal Reserve Board, and approximately twenty-six State Attorneys General.

SOURCE: OCC.GOV

Civil Money Penalty and Formal Agreement below…

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4closureFraud.org

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Civil Money Penalty

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Formal Agreement

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Comments
11 Responses to “OCC Assesses Civil Money Penalty of $20 Million Against Wells Fargo, Requires Restitution of $14.5 Million to Municipalities Harmed by Bid-Rigging on Financial Products”
  1. jaclyn says:

    THIS IS NOTHING SHORT OF A BRIBE.

  2. Less than pennies on the dollar of this fraud

  3. THIS IS NOT A FINE IT IS A COST OF DOING BUSINESS AND A WAY TO GET AROUNG SERIOUS SANCTIONS. NO ONE BELIEVES YOU OCC. THIS IS NOT JUSTICE IT IS A CRIME ITSELF.

  4. Ron Moss says:

    It is assuring to see a government agency not owned by the lobbiests

  5. Wayne says:

    This is the Bonus for the OCC,SEC,IRS and 26 Congressmen ….. Hell, they had to disguise it some how .. We will call it a fine and no one will Know.

    Got it from: We will call our selves the Federal Reserve and people will think we are part of the Federal Government ….. They will never know.

  6. leapfrog says:

    Poor OCC. It must have been so dreadful to have to fine your buddies at the bank. I’m sure OCC will make it up to the bankster, somehow.

  7. OCC is so f!@#@ing pathetic. The fine does not even amount up to a slap on the wrist. Give me a break. Fine them for hundreds of billions of dollars and maybe you will get their attention. They make that kind of money when taking a dump. Pathetic

    We need to seek criminal charges and put these vipers in jail for life! Reform the banking industry, End the fed and take back Washington.

    http://www.UnitedWeStand.US.com we need to come together and evict our representatives in Washington and get a Representative for the people. My vote is for Ron Paul.

    We need to create a system of reform to a country of National natural resources.

    Thoughts and opinions appreciated.

    Much love to all Americans for freedom and justice for all.

  8. Susan Gounda says:

    The parallel here is with any corporation that pays some kind of petty fine, never admits wrongdoing, and considers the matter just a small cost of doing business. The OCC remains a Bankster country club, “civility” amongst good friends.

  9. Ouch! They sure know how to hurt a guy! 14 Million? They pay chump change and walk. If they catch a citizen (person) rigging finances he goes to jail. And here I thought that corporations were people?

  10. talktotennessee says:

    This is nothing but a slap on the wrist, no admission document designed for damage control and the appearance of the OCC having done something when in reality this is counterproductive in any manner. In fact this type action by the OCC is infuriating because he helps no one on the ground and lets the banks off as “having done something in good faith.” Bogus dealings and goes along with the government’s “flush” of the foreclosure problems!

  11. Mario Kenny says:

    well for the least the fine is worth some gas money, its in the millions, just pocket change, the bank makes this sum in seconds everyday.

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