Even a Private Citizen Can’t Arrest a Bank CEO: Activists try to put the cuffs on Wells Fargo chief

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Even a private citizen can’t arrest a bank CEO

Commentary: Activists try to put the cuffs on Wells Fargo chief

DENVER (MarketWatch) — Melvin Willis, a 22-year-old activist from Richmond, Calif., attempted something Tuesday that not even the U.S. attorney general dares to do: Place the CEO of a giant bank under arrest.

“Too-big-to-jail is an outrage,” Willis told me in a telephone interview after the attempt.

Willis had just interrupted the annual shareholders meeting of Wells Fargo WFC +0.03%   in Salt Lake City where he told CEO John Stumpf that he was under citizen’s arrest.

In the realm of high finance, such vigilante justice never gets far. Private security guards surrounded Willis and members of his posse. They were escorted from the Grand America Hotel before they could even read off the charges.

Willis is a part-time staffer at the Alliance of Californians for Community Empowerment. The group drove more than 700 miles from the San Francisco Bay area to demonstrate against Wells Fargo, as they have so many times in the past. Offenses in their “citizen’s arrest warrant” included illegal foreclosures and unlawful discrimination against black and Hispanic mortgage applicants.

Last year, Wells Fargo agreed to pay tens of millions of dollars to settle civil complaints containing these same allegations. But the bank denied guilt, and not one executive was named as a defendant.

After the financial crisis hit in 2008, Wells Fargo received $25 billion from the Troubled Asset Relief Program. It has since repaid this taxpayer bailout, but it can’t shake its branding as a too-big-to-fail bank, an institution too critical to the financial system to ever be shut down or prosecuted.

“The only thing John Stumpf has is a lot of money,” Willis said. “Otherwise, he’s just a person like any of us. If we did what he did … we would all be locked up.”

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Comments
6 Responses to “Even a Private Citizen Can’t Arrest a Bank CEO: Activists try to put the cuffs on Wells Fargo chief”
  1. Admire this young ones pluck.Perhaps better back up should have been I place.

    • trillion says:

      There is a legal or statutory authority and procedure to avoid liability for false arrest which is to write out your probable cause affidavit using the pattern of one filed in a criminal case for your local court that you have in hand and only so much force as is reasonable is justified to bring the suspect into custody for processing or booking of charges by your local sheriff that is supposed to respond when you call 911 to report your need for assistance which done this way provides you with the “back up” that by law is immune for coming in response and assisting you in the arrest.

      • Thank you for your info.I’m sure the police are prepped not to come.At least that’s the way it is where I live.They are in the hip pocket of the banksters a round

  2. Glad they kept the citizens arrest peaceful and kudos to Willis.

  3. Sarah says:

    This is peaceful dissent, and it is what works. They don’t want you interrupting their ceremonies, and they don’t like free speech. Great job Melvin:
    “It was never our intention to physically grab John Stumpf,” Willis said. “It was a peaceful action to get our message out. We asked him to submit to our arrest… If he actually said, ‘Yes, Take me in,’ I would have been shocked.”

  4. Alabama John says:

    As more develops and is understood by the average homeowner or especially former homeowners this is going to get scary. I fear for our country.

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