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Wells Fargo Fined $185 Million For Opening Fake Accounts For Customers

In the past six years, 5,300 employees were fired for creating millions of fake accounts with the identities of Wells Fargo customers. 

Wells Fargo is preparing to roll out a huge apology tour after an investigation uncovered 5,300 employees were the source of over 2 million fake accounts.

CNN Money reports a Los Angeles-based lawsuit from 2013 raised a red flag when a customer claimed they were targeted for unpaid credit cards they didn't sign up for. One by one more customers came forward, sparking an investigation by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. Discovered between 2011 and 2015 were millions of unauthorized bank and credit card accounts. It also showed employees transferred money from customer's accounts into fake ones, issued over 500,00 unauthorized credit card accounts and created fake email addresses to set up online banking. The investigation also showed 14,000 of accounts created were exposed to $400,000 in annual fees and overdraft charges.

In a statement, Richard Cordray of the CFPB concluded that employees created the accounts in hopes of bonuses and other rewards. "Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," the statement read. "It reflects the severity of these violations, the breadth of the unfair and abusive practices and how seriously we take them. We found this conduct to be quite surprising.”

The company didn't give a formal apology for the incident but assures the employees involved in the scam were fired. "We regret and take responsibility for any instances where customers may have received a product that they did not request," Wells Fargo said in a statement. The company will now pay a $185 fine to CFPB and $5 million in refunds to customers.

The amount is fairly small for a company worth over $200 billion, but it is the largest fine paid to the CFPB since its 2011 inception. “What happened here is Wells Fargo built an incentive-compensation program that made it possible for Wells Fargo employees to pursue underhanded sales tactics,”   Cordray said. “Companies need to pay very close attention … to ensure that customers are protected.”

We bet Joanne is hunting for tips as we speak.

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Big Sean Confronts Nipsey Hussle's Killer In Thoughtful Video

Fans are still processing the death of Nipsey Hussle. While some people have expressed anger and sorrow, others are channeling their emotions in different ways. Big Sean shared a powerful video message on Instagram on Monday (May 20) about Nip's passing and even addressed his killer.

"You know what I wanted to say was to the person who murdered Nipsey and to people like that who take somebody’s life out of impulse or for revenge or whatever the case may be—you’re making a permanent solution to a temporary problem," Sean said. "Obviously that’s not how you solve problems. I don't know if we know the value of a life for real, because when you take somebody’s life, dog—you’re setting back their family. You’re setting the whole lineage back—generations. What I mean by that is, I know for a fact my grandma was working for my mom and for me and my brother. I don’t even have kids—I’m definitely already working for my kids and my kids’ kids. When you take somebody’s life, you’re setting all that back. And for what? For something that could have been communicated better?"

Although Big Sean doesn't say his name in the video, he is likely referring to Eric Holder, who was arrested for allegedly murdering Nipsey Hussle outside of his Los Angeles clothing store in Mar. 2019. Police say Hussle was shot after he and Holder got into an argument.

Sean also pointed out the difficulties black men have with communicating their feelings. "It takes a lot of effort. I’ve noticed that men, and in Black men, we're taught to communicate certain ways," he continued. "We're taught to be tough, we're taught to stand tough and get your revenge and retaliate through violence and all that type of shit. But you know, we’re going to keep losing kings!"You can view Sean's message for yourself below.

Watch Big Sean's full Instagram video below.

 

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A post shared by BIGSEAN (@bigsean) on May 20, 2019 at 8:30pm PDT

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Florida Teacher Arrested For Carrying Knives And Loaded Guns In Classrooms

A fourth-grade teacher at Starkey Elementary School was arrested Monday (May 20) after authorities found knives, a 9mn Glock with seven rounds of ammunition and other weapons.

According to reports, the 49-year-old had the weapons, including a six-inch fighting knife and a two-inch finger knife, in classrooms with students.

Reportedly, Starkey Elementary School principal saw Betty Soto behaving suspiciously as she carried the backpack with her wherever she went.

Law enforcement arrived on campus after being notified by the principal. They interviewed Soto and found the weapons. The teacher reportedly was let out on bond at 9 PM Monday night and when asked by reporters why she brought the weapons to school she attributed it to Gov. Ron DeSantis.

"Ask Desantis," she answered. "Ask your governor."

In early May, the Republican governor signed a bill that will allow teachers to carry guns inside a classroom. The measure was a reported response to the Parkland High School shooting.

Soto's Facebook page will be investigated as part of the overall investigation due to a post that was shared. "Are you surprised I'm a revolutionary? You should have seen it coming. Hate that I was on my way to the plantation, but I had to free some minds."

Erica Kennedy, a mother of two at Starkey Elementary, described Soto's behavior as "militant" and "suspicious."

"She seemed very abrupt, the way she was speaking. I almost felt like she was talking to these kids like she was their parent, you know, just really, a little overboard. So, it made me kind of, something kind of went up in the back of my hair like, hmmm," Kennedy explained.

Soto reportedly will not be returning to Starkey Elementary School.

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The Notorious B.I.G. To Be Honored With "Christopher Wallace Way" In Brooklyn

Tuesday (May 21) marks what would’ve been the late Notorious B.I.G.’s 47th birthday, and in efforts to commemorate the legendary rapper, The Christopher Wallace Memorial Foundation revealed that the intersection where Biggie called home will be named after him, Billboard reports.

The naming will take place on June 10 at a ceremony being held for the “Juicy” rapper. Wallace’s family is expected to attend the gathering, which will be held at the intersections of Gates Avenue and St. James Place. The crossroad will reportedly be named Christopher Wallace Way in the forthcoming month.

The news arrives days after Wu-Tang Clan's Staten Island street-naming ceremony. "I'm happy that NYC officials are finally giving the city's indigenous 'hip-hop' music the respect and recognition that it deserves," culture advocate LeRoy McCarthy told Gothamist in 2018. "It took a long time and lots of hard work to advance the Christopher Wallace Way & Wu-Tang Clan District street co-naming, but ya know what, Hip Hop Don't Stop."

Biggie's upcoming ceremony will be open to the public and will start around 12 p.m. ET. His mother, Voletta Wallace, his children, and close friends will be present in his honor.

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