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Running head: COURSE PROJECT PAPER 1 Module 04 Course Project – Course Project Paper Jeremy Wheeler Rasmussen College Author Note This paper is being submitted on December 02, 2017, for Tiffany Krogman’s A276/ACG2680 Section 02 Financial Investigation course.
COURSE PROJECT PAPER 2 Module 04 Course Project – Course Project Paper Introduction Wells Fargo is an “American international banking and financial services holding company” (Wikipedia, 2017) that is the third largest in the U.S. by assets, and second largest by market capitalization. Well Fargo started as a package and parcel shipping company, created by Wells and Fargo when American Express would not consider shipping to California during the gold rush days. They were part of the Pony Express. In addition to cargo transportation, Wells Fargo also provided banking services. In 1905, they separated transportation from banking, and in 1918, the transportation portion was nationalized and turned into the Railway Express Agency (REA). From this point, Wells Fargo focused primarily on the financial market. As it grew, it acquired multiple smaller banks and merged them into its own brand name. By 2015, they were the largest bank in the U.S. by market capitalization. (Wikipedia, 2017) Fraudulent Activities In 2016, Wells Fargo made national news for account fraud. The employees were creating checking and savings accounts for customers, as well as opening credits cards, without customer authorization or knowledge. Over 2 million unauthorized deposit accounts were created, and over a half million credit cards opened. (Whitehouse, 2017) In addition, the bank placed insurance policies on over 570,000 car loans without the customer’s knowledge and consent. Fees were generated on approximately 85,000 accounts for a total of $2 million in revenue. (Wikipedia, 2017) However, divided among the 5 years of this situation that is only $400,000 per year. In 2015, Wells Fargo had a total assets of $1.7 billion, so $400,000 is less

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