Rodrick Cox Module 01 Written Assignment Recent Business Crime.docx

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Running head: RECENT BUSINESS CRIME 1 Module 01 Written Assignment Recent Business Crime Rodrick Cox Rasmussen College Robert Lewis Author Note This paper is being submitted on February 06,2019, for Robert Lewis B234/BUL2241 Section 04 Business Law course.
RECENT BUSINESS CRIME 2 Module 01 Written Assignment Recent Business Crime My chosen company is Wells Fargo. 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. By 2015, they were the largest bank in the U.S. by market capitalization, but have decreased their market capitalization due to fraudulent activities. (Wikipedia, 2017) 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)

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