Wells Fargo has a lengthy record of misconduct and failures to remediate. Its latest enforcement action involves a $30 million settlement with OFAC for sanctions violations from 2008 to 2015. These violations include three separate OFAC sanctions involving Iran, Sudan, and Syria.
https://www.jdsupra.com/legalnews/corruption-crime-and-compliance-deep-94792/
It's cheaper to pay a fine if caught.
I still do not understand why none of our leaders have gone to jail. Send these white collar crime SOBs to prison and we will see a dramatic decrease in corruption across every company in the US.
Did you know they are all protected from any financial liability with insurance? Directors and officers (D&O) liability insurance protects the personal assets of corporate directors and officers, and their spouses, in the event they are personally sued by employees, vendors, competitors, investors, customers, or other parties, for actual or alleged wrongful acts in managing a company.
Therefore, unless they are sent to prison, there is no risk to our C-Suite continuing to personally profit from greed and mis-managing this company in to the ground.
I was part of the small group that self-disclosed this to OFAC (and discovered it). There are other things OFAC is investigating. Their investigations can take years, so who knows when the shoe will drop.