Wells Fargo May Be Hit With “Repeat Offender” Formal Enforcement Action

It’s beginning to seem like every day there’s a new scandal breaking out at Wells Fargo.

Wells Fargo has been in the news for years with scandal after scandal and it makes you think about the how many times you speed while driving before you are caught and get a ticket.

Trump: CFPB not dropping penalties against Wells Fargo, bank will be fined for mortgage issues


Wells Fargo wants to control the huge and profitable housing industry in the U.S.

Sheri Daniel  @sherigreatfalls

Currently Wells Fargo already services approximently one third of all mortgage loans in the U.S. It’s will acting as servicers that Wells Fargo has acted fraudulently. Evidence against Wells Fargo is clear both in writing and recorded in land records all over the US. Ready to be found whenever someone is ready to look and believe. It’s massive fraud. Maybe 200,000 homes stolen worth $60 billion.

Here’s how the RICO scheme works:

The Wells Fargo & Co Mortgage Servicing Racket. The employees of Wells Fargo (WF) act as a mortgage servicer purportedly on behalf of creditors. What we are seeing:

a)  WF created a racket to deceive homeowners into predatory loan modifications.

b) WF presented the homeowners with invalid contracts to sign. Invalid because they say WF is the creditor when WF is NOT the creditor.

c.) WF entered those false documents into the bank records and the court’s land records.

d) WF used the false documents for the purpose of unlawfully acquiring property after they jacked up the amount of money owed.

e). WF used the false documents to create a false Final Foreclosure Accounting for the court which was entered into bank’s record and land records.

f). WF inflated the amount of money due upon re-sale of the property.

g) And WF engaged in money laundering by using the false documents to make the funds from the re-sale of the property to appear legitimate.

The scheme is particularly egregious because to determine if the loan modifications are valid or invalid contracts, one must know the identity of the actual creditor. In some states, WF can conceal this information from public view.

To the public searching the land records:

a) Check those who do not know the identity of the actual creditor.

b) Check where the loan modifications appear to be valid contracts.

c) Realize this process is allowing Wells Fargo to conceal the fraud in the chain of title.

Furthermore the identity of the creditor is crucial to determine if the creditor has standing to foreclose and/or sue and thereby determining if the courts have subject matter jurisdiction. In the process of foreclosing upon, acquiring, and re-selling properties – Wells Fargo, their subsidiaries, agents and attorneys commit a multitude of frauds and violations of state and federal law. Wells Fargo contaminates with fraud almost every segment of the housing industry in the US. And it is inexplicable why the courts, state and federal, have turned a blind eye to all this illegal activity. The people who buy properties from Wells Fargo after foreclosure likely do not and will never have clear title to the property because it was seized illegally. When is someone going to deal with this? Evidence is on record.
Is SCOTUS finally ready to exercise their supervisory responsibility over the US courts and restore rule of law related to Wells Fargo fraud? If yes, I have a case for you…..#4thcircuit 17-1524 Until they do – buying a home is a VERY RISKY venture.

The 4th circuit court of appeals 17-1524 has evidence of loan modification fraud and RICO Coverup.

5/2015 – Wells Fargo Bankers Accused of Fraudulent Behavior, Taking Advantage of Customers

At a news conference today, Feuer encouraged Wells Fargo customers to take “basic steps” to check their accounts.

“We urge every Wells customer to review with care their banking accounts and records,” Feuer said. “See if there are any unauthorized checking and saving accounts in their name. Have accounts they closed remained opened?”

Frank Ahn, a small business owner who owns a convenience store and laundromat in the San Fernando Valley, told reporters at the news conference that he received a call about once a month for about three or four months from Wells Fargo employees asking him to open another account.

He declined, but later discovered when he was checking his account online that he was receiving $15 or $20 charges for accounts he didn’t authorize. He complained to the bank. [2]


8/2017 – Wells Fargo Review Finds 1.4 Million More Suspect Accounts

Nearly a year after Wells Fargo’s fraudulent account scandal burst into public view, the bank said it had turned up more than a million additional accounts that customers may not have authorized.

The news set off a fresh wave of criticism from those frustrated by the bank’s slow pace in coming clean about its misdeeds.

“Every time we get one of these announcements, the pressure rises,” said Nancy Bush, a banking industry analyst who runs NAB Research. “How many customers, and how many employees within Wells Fargo, are coming to the conclusion, ‘I don’t need to be associated with this’?”

The findings brought the number of potentially unauthorized accounts to 3.5 million — a nearly 70 percent increase over the bank’s initial estimate.

Wells Fargo agreed last September to pay $185 million to settle three government lawsuits over the bank’s creation of sham accounts. [3]


Earlier this week, the Wall Street Journal dished on Wells Fargo’s latest scandal when it reported that several regulators and even one US attorney were investigating the bank for gouging clients of its foreign-exchange trading desk.

Among the many humiliating details, the public learned that Wells had tacitly encouraged this behavior with an idiosyncratic bonus structure and even embarrassed and demoted an employee who complained to management about this behavior.

The scandal marked the latest blemish on Wells Fargo’s once-pristine public image following a series of other scandals in its retail lending and banking division. Earlier this year, the public learned that Wells had forced customers in its auto-lending division to buy collision insurance they didn’t need. And when 20,000 customers refused or failed to pay the insurance, the bank had their cars repossessed. [4]

Allegations suggest scandal started earlier

The Wells Fargo sales tactics revealed by regulators in September were staggering in scope: 5,300 employees fired over the creation of as many as 2 million fake accounts between 2011 and 2015. However, the whistle blower’s letters, combined with testimony from other employees, suggest the shocking scandal could be even more massive and began years earlier than Wells Fargo has admitted. The Wells Fargo board said it was not “aware” of the letters. However, when provided the letters by CNNMoney, the board said the letters will now be included in the independent investigation being run by the law firm Shearman & Sterling. In a separate statement, Wells Fargo said “in general, letters received by John Stumpf would have been forwarded to the appropriate channel for review, investigation and response.”[5]


[1] HousingWire

[2] ABC

[3] NYTimes

[4] ZeroHedge

[5] CNNMoney