CHARLOTTE, N.C. — Federal regulators have banned former Wells Fargo CEO John Stumpf from ever working in U.S. banking again.
- Former Wells Fargo CEO banned from ever working in U.S. banking again
- Stumpf was in charge when Wells Fargo opened 2 million fraudulent accounts without their customers' knowledge
- Stumpf also faces a $17.5 million penalty
Stumpf was in charge when the bank opened 2 million fraudulent accounts without customers' knowledge. The $142 million settlement between Wells Fargo and customers is still under appeal.
The company released the following statement regarding the suit:
"The class-action settlement agreement (Jabbari v. Wells Fargo & Co., et al) is under appeal. We look forward to customers receiving payments under the settlement agreement as promptly as possible after the appeals are final."
Jennifer Moxley is a Charlotte business owner who had a credit card opened without her permission. She sent in her complain along with other plaintiffs to join the class action lawsuit.
Moxley said lawyers still haven’t investigated her complaint to see if it will be apart of the final settlement.
“The bigger impact is the effect on my credit report and the unanswered question of what other accounts were opened that I don’t know about,” Moxley said. “What other tampering was done to my other accounts that we don’t know about?”
The ex-Wells Fargo executive also faces a $17.5 million penalty.
