Wells Fargo fires over 100 employees for COVID-19 relief fund misuse: source

[Eugene]

Source: Reuters

BUSINESS NEWS
OCTOBER 14, 2020 5:55 PM UPDATED 2 HOURS AGO

Wells Fargo fires over 100 employees for COVID-19 relief fund misuse: source

(Reuters) - Wells Fargo & Co WFC.N has fired about 100 to 125 employees for unethically availing themselves of coronavirus relief funds, according to a source familiar with the matter.

The bank believes some of its staffers made “false representations in applying for coronavirus relief funds for themselves”, defrauding the U.S. Small Business Administration, David Galloreese, head of Human Resources, said in an internal memo seen by Reuters.

The abuse was tied to the Economic Injury Disaster Loan program and outside the employees’ roles at the bank, the memo said, adding Wells Fargo will cooperate fully with law enforcement.

“These wrongful actions were personal actions, and do not involve our customers.”

-snip-

Read more: https://www.reuters.com/article/us-wells-fargo-loans/wells-fargo-fires-over-100-employees-for-covid-19-relief-fund-misuse-source-idUSKBN26Z35Z

[Indykatie]

1. How Was it So Easy for People to Defraud The COVID Program?

I've read stories of individuals getting millions of dollars from the program and they had zero Employees. I expect much of these "loans" will never be repaid and just add to the ballooning deficit.

[marble falls]

2. Well this IS Wells Fargo. They pay huge fines to the government every year.

[Wellstone ruled]

3. As long as Well's got their

10%,who cares,that is the attitude at the Well's Offices that I called on years ago.

[dixiegrrrrl]

4. They've been charged more than once about those fake bank accounts

So it is kinda ironic that their employees decided to grift after working hours.