Category 1
Who was driving the horse carriage on the second slide?
Leo
How much was Wells Fargo initially fined?
$185 million
When was Wells-Fargo "re-established"?
2018
When was Wells Fargo originally founded?
1852
Name a reason why Wells Fargo committed fraud.
Weak internal control
High revenue quota
Pressure from managers/executives
No regulation from OCC
On what day was Wells Fargo's fraudulent business practices discovered?
September 6th, 2018
Name a Forensic Accounting technique that was listed in our PowerPoint.
Whistleblowers/Hotlines
Interviewing employees/customers
Looking into accounts
Workers notes on customer calls
Recording of customer calls
Emails/Chat groups through Wells Fargo
How was the fraud uncovered?
A fired employee went to a reporter
About how many employees were fired after the scandal was discovered?
5300
Name one repercussion of the scandal.
Fees and lawsuits
Customers credit scores
Decrease in business
What three things did Wells Fargo base their reputation on?
Being fast, reliable, and trustworthy
What would happen to Wells-Fargo workers when they tried to report the fraud within the company?
They were fired