The Man From FCPA

Tom Fox looks at the recent scandal at Wells Fargo leading to the Consumer Finance Protection Board’s $185 fine and the firing of more than 5,000 employees after basically telling them: “It’s OK to break the law, as long as we make money.”

The Man From FCPA, Tom Fox, asks why it is always the employee’s fault when a corporation engages in fraudulent activity leading to regulatory fallout. Perhaps the CEO of Wells Fargo, responsible for the firing of 5,300 “rogue” employees for fraudulent activity, has the answer.

Tom Fox looks at expert opinion on whether the recent accounting scandal at Wells Fargo will be used to enhance whistleblower laws and regulations.

Tom Fox epxlores how the business relationship between Prudential and scandal-ridden Wells Fargo put Prudential in hot water.

The Wells Fargo fraudulent accounts scandal is enforcing a good trend: shareholder activism directed at the board for better risk management. Tom Fox reports.

The Wells Fargo fraudulent account scandal still resonates as one of the most prime examples where the continued fallout from a board’s failure in the area of oversight of risk management is working to damage the organization.

The recent corporate scandal at Wells Fargo highlights the need for boards of directors to have a committee devoted to compliance.

Wells Fargo continues to be in the news these days (and not for the better) in the way of its reputation.

In the FCPA world, the most dreaded question during an enforcement action is “where else?”—as in, where else are you engaging in bribery and corruption? After Wells Fargo, the lexicon may well expand to “what else?”—as in what other conduct is your company engaging in that is unethical?

Wells Fargo is one of the poster children over what can happen when compliance is not taken seriously or perhaps not at all in an organization. 

The Federal Reserve Bank this month assessed a penalty against Wells Fargo for the bank’s widespread customer abuse from its fraudulent accounts scandal, other regulatory violations, and lack of response by the bank’s doard of directors to these problems and other risk management issues.

New Wells Fargo ads in prominent business newspapers are an effort to let the world know the bank is cleaning up its act—but, without follow-through, it may not be enough.