Thu10292020

Robins Global News & Noticias



Presidential Debates | COVID-19 Map Tracker | COVID-19 News Features


  • Career Exam Study
    Career Exam Study
  • E-commerce Guide
    E-commerce Guide
  • Dropshipping Guide
    Dropshipping Guide
  • Microsoft Exam
    Microsoft Exam
  • IT Career News
    IT Career News

RobinsPost News Network

+ Larger Font | - Smaller Font
Share

Consumer Daily Reports

Consumer News: Wells Fargo fires more than 100 employees for fraudulently taking COVID-19 relief aid

Photo
Photo (c) ProArtWork - Getty Images
Wells Fargo & Co. has fired more than 100 employees that the financial services company suspected of underhandedly collecting COVID-19 relief funds. Bloomberg News first reported the incident based on information from a person with knowledge of the situation.

Wells Fargo says members of its staff committed fraud against the Small Business Administration (SBA) “by making false representations in applying for coronavirus relief funds -- specifically the Economic Injury Disaster Loan program (EIDL) -- for themselves,” according to an internal memo reviewed by Bloomberg.

“We have terminated the employment of those individuals and will cooperate fully with law enforcement,” David Galloreese, Wells Fargo’s head of human resources, said in the memo. “These wrongful actions were personal actions, and do not involve our customers.”

More than 500 JPMorgan employees were also caught pulling the same stunt just last month. The mere fact that so many could easily tap into the EIDL program sent shockwaves through the company, leveraging an internal probe. 

How the employees pulled this off

Unlike other business owners and employers, banks have the right to check whether employees had aid deposited into their accounts. Sensing that, the SBA pressed banks to look out for suspicious deposits from the program -- both to their customers and also their own staff. 

One particular aspect of the EIDL program that was evidently too good to pass up was financial advances of as much as $10,000 that don’t have to be repaid. A Bloomberg Businessweek analysis of SBA data in August identified at least $1.3 billion in suspicious payments.The SBA’s inspector general also admitted that more than $250 million in aid was likely given to ineligible recipients in addition to $45.6 million in duplicate payments.



Posted: 2020-10-15 14:47:26

Get Full News Story On Consumer Affairs


Listen to this article. Speaker link opens in a new window.
Text To Speech BETA Test Version.



YouTube Consumer News Playlists

Consumer Video: 2021 Lexus IS First Impressions; 2022 GMC Hummer EV Preview | Talking Cars #278


Related Videos On: 2021 Lexus IS First Impressions; 2022 GMC Hummer EV Preview | Talking Cars #278

Published: 23rd Oct 2020 04:00:12   By: Consumer Reports

Consumer Video: The Way Forward | Consumer Reports


Related Videos On: The Way Forward | Consumer Reports

Published: 21st Oct 2020 04:57:05   By: Consumer Reports

Consumer Video: The Most Important Auto Safety Feature You've Never Heard Of | Consumer Reports


Related Videos On: The Most Important Auto Safety Feature You've Never Heard Of | Consumer Reports

Published: 20th Oct 2020 06:00:05   By: Consumer Reports

Consumer Video: 2021 Genesis GV80 First Impressions; 2022 Volkswagen Taos Preview | Talking Cars #277


Related Videos On: 2021 Genesis GV80 First Impressions; 2022 Volkswagen Taos Preview | Talking Cars #277

Published: 19th Oct 2020 10:00:02   By: Consumer Reports

Consumer Video: Mattress Buying Guide | Consumer Reports


Related Videos On: Mattress Buying Guide | Consumer Reports

Published: 10th Oct 2020 12:00:11   By: Consumer Reports

Car Video: Cheap Sports Cars - Boxster, Corvette, 370Z - TV Season 4 Ep. 3 | Everyday Driver


Related Videos On: Cheap Sports Cars - Boxster, Corvette, 370Z - TV Season 4 Ep. 3 | Everyday Driver

Published: 15th Oct 2020 08:15:13   By: EverydayDriver

Car Video: Bought a Cheap Sports Car - $7,500 Cheap Sports Car Challenge - What we bought | Everyday Driver


Related Videos On: Bought a Cheap Sports Car - $7,500 Cheap Sports Car Challenge - What we bought | Everyday Driver

Published: 1st Oct 2020 10:19:16   By: EverydayDriver

Car Video: Toyota 86 vs Supra 2.0 - Step Brothers - TV Season 7 Ep.4 | Everyday Driver


Related Videos On: Toyota 86 vs Supra 2.0 - Step Brothers - TV Season 7 Ep.4 | Everyday Driver

Published: 24th Sep 2020 08:20:56   By: EverydayDriver

Car Video: Porsche Cayman Generations (987,981,718) compared - Which is best? - TV Se4 Ep.2 | Everyday Driver


Related Videos On: Porsche Cayman Generations (987,981,718) compared - Which is best? - TV Se4 Ep.2 | Everyday Driver

Published: 17th Sep 2020 07:34:50   By: EverydayDriver

Car Video: Quattroporte and Phaeton - Cost to own old Luxury - Big Sedan Challenge #7 | Everyday Driver


Related Videos On: Quattroporte and Phaeton - Cost to own old Luxury - Big Sedan Challenge #7 | Everyday Driver

Published: 10th Sep 2020 07:03:16   By: EverydayDriver

Product Review Video: Congress vs. Facebook: Best moments in 16 minutes (supercut)


Related Videos On: Congress vs. Facebook: Best moments in 16 minutes (supercut)

Published: 28th Oct 2020 07:31:34   By: CNET

Product Review Video: Congress vs. Google's CEO: The most important bits (supercut)


Related Videos On: Congress vs. Google's CEO: The most important bits (supercut)

Published: 28th Oct 2020 07:18:50   By: CNET

Product Review Video: Congress vs. Twitter: All the best moments in 18 minutes (supercut)


Related Videos On: Congress vs. Twitter: All the best moments in 18 minutes (supercut)

Published: 28th Oct 2020 06:59:11   By: CNET

Product Review Video: Everything AMD revealed at its RX 6000 series event in 8 minutes (supercut)


Related Videos On: Everything AMD revealed at its RX 6000 series event in 8 minutes (supercut)

Published: 28th Oct 2020 05:41:01   By: CNET

Product Review Video: Watch AMD reveal live Radeon 6000 graphics cards!


Related Videos On: Watch AMD reveal live Radeon 6000 graphics cards!

Published: 28th Oct 2020 04:31:54   By: CNET

FTC Video: ¿Por qué reportar el fraude?


Related Videos On: ¿Por qué reportar el fraude?

Published: 22nd Oct 2020 02:45:32   By: FTCvideos

FTC Video: Why Report Fraud? | Federal Trade Commission


Related Videos On: Why Report Fraud? | Federal Trade Commission

Published: 22nd Oct 2020 01:08:11   By: FTCvideos

FTC Video: How to Report Fraud at ReportFraud.ftc.gov | Federal Trade Commission


Related Videos On: How to Report Fraud at ReportFraud.ftc.gov | Federal Trade Commission

Published: 16th Oct 2020 07:30:23   By: FTCvideos

FTC Video: FTC Hearing: Panel Discussions on the Role of Notice and Choice... - April 10, 2019 - Session 1


Related Videos On: FTC Hearing: Panel Discussions on the Role of Notice and Choice... - April 10, 2019 - Session 1

Published: 22nd Jul 2020 07:51:42   By: FTCvideos

FTC Video: FTC Hearing: Remarks by FTC Commissioner Rebecca Kelly Slaughter followed by...- April 12 Session 2


Related Videos On: FTC Hearing: Remarks by FTC Commissioner Rebecca Kelly Slaughter followed by...- April 12 Session 2

Published: 22nd Jul 2020 07:39:43   By: FTCvideos

DIY Video: This Daisy Isn't Only Beautiful, It's a Natural Insecticide Too | GARDEN | Great Home Ideas


Related Videos On: This Daisy Isn't Only Beautiful, It's a Natural Insecticide Too | GARDEN | Great Home Ideas

Published: 28th Oct 2020 11:30:03   By: Great Home Ideas

DIY Video: How to Make Teriyaki Meatballs with a Halloween Twist | FOOD | Great Home Ideas


Related Videos On: How to Make Teriyaki Meatballs with a Halloween Twist | FOOD | Great Home Ideas

Published: 27th Oct 2020 11:30:01   By: Great Home Ideas

DIY Video: ROAD TRIP New South Wales' Central Coast Region | TRAVEL | Great Home Ideas


Related Videos On: ROAD TRIP New South Wales' Central Coast Region | TRAVEL | Great Home Ideas

Published: 27th Oct 2020 03:50:41   By: Great Home Ideas

DIY Video: How to Bake Flying Pig Biscuits for Halloween | FOOD | Great Home Ideas


Related Videos On: How to Bake Flying Pig Biscuits for Halloween | FOOD | Great Home Ideas

Published: 26th Oct 2020 11:30:02   By: Great Home Ideas

DIY Video: How to Upcycle Your Kids' Old Toys into Cool Mini Planters | GARDEN | Great Home Ideas


Related Videos On: How to Upcycle Your Kids' Old Toys into Cool Mini Planters | GARDEN | Great Home Ideas

Published: 25th Oct 2020 11:54:35   By: Great Home Ideas

Business Video: This Company Was Made for the Pandemic


Related Videos On: This Company Was Made for the Pandemic

Published: 28th Oct 2020 08:07:35   By: Bloomberg Markets and Finance

Business Video: Stock Selloff Is Just Beginning, Sri-Kumar Warns


Related Videos On: Stock Selloff Is Just Beginning, Sri-Kumar Warns

Published: 28th Oct 2020 06:14:45   By: Bloomberg Markets and Finance

Business Video: LIVE: Twitter, Facebook, Alphabet Executives Testify in Senate Big Tech Hearings


Related Videos On: LIVE: Twitter, Facebook, Alphabet Executives Testify in Senate Big Tech Hearings

Published: 28th Oct 2020 06:13:54   By: Bloomberg Markets and Finance

Business Video: U.S. could begin crop exports to Brazil.


Related Videos On: U.S. could begin crop exports to Brazil.

Published: 28th Oct 2020 05:31:13   By: Bloomberg Markets and Finance

Business Video: ECB's Lagarde Will Stand Pat, Says Harvard's Greene


Related Videos On: ECB's Lagarde Will Stand Pat, Says Harvard's Greene

Published: 28th Oct 2020 05:04:42   By: Bloomberg Markets and Finance



Related News Stories From The Web And More

Related Bing News Search Results

Consumer News: Wells Fargo fires more than 100 employees for fraudulently taking COVID-19 relief aid | Consumer Daily Reports | RobinsPost News Network - Newscast

Health department reports 287 new COVID-19 cases in Shelby County

Mon, 19 Oct 2020 09:47:00 GMT

SHELBY COUNTY, Tenn. (WMC) - The Shelby County Health Department reports an increase of 287 cases, bringing the county’s total to 34,508. There were also two additional virus-related deaths ...

Coronavirus Updates

Mon, 07 Sep 2020 14:24:00 GMT

There has been little in the way of economic relief, as millions face hunger and homelessness. There has been no national strategy on testing, tracing, and isolating the sick. There hasn’t even ...

Action of the Week

Wed, 12 Aug 2020 20:20:00 GMT

EPA announces the misleading and fraudulently named, “EPA Supports Technology to Benefit America's Farmers.” This time, EPA announces plans to “streamline the regulation of certain plant-incorporated ...



Related News Story Videos From Youtube






Blow Us A Whistle

Comments (Whistles) Designed By Disqus




Company Information

Official Content Providers











PRIVACY POLICY

We recommend Firefox 3 (and above), Edge, and Chrome for dynamic performance.
© 2008-2020 RobinsPost (The Bird's Eye View Company) All rights are reserved.
RobinsPost provides links to news sites based on their RSS feeds.
All trademarks, copyrights, videos, photos and logos are owned by news sources.
News stories, videos and live streams are from trusted sources:
Bing News, Google News, Faroo News, NewsApi.org and YouTube Search Results.
ROBINSPOST Is Proudly Made In America.
Where Quality, Safety and Service Comes First.