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Home»News»Wells Fargo Fined $3.7B, FTX Collapse Captivates the World, Ripple CEO Weighs In
Authorities say Wells Fargo bank managers were aware of illegal conduct as early as 2002 but allowed it to continue until 2016.
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Wells Fargo Fined $3.7B, FTX Collapse Captivates the World, Ripple CEO Weighs In

Saheel KhirodkarBy Saheel KhirodkarDecember 23, 2022Updated:December 23, 2022No Comments3 Mins Read
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Wells Fargo reaches $3.7 billion deal with regulators over consumer banking  | Mint

Every single bit of attention that the spectacular collapse of FTX has so far received is deserved. The owners of the formerly successful company are accused of engaging in shady business dealings using client money behind the scenes.

The 30-year-old founder of the insolvent cryptocurrency exchange, Sam Bankman-Fried, was extradited on suspicion of carrying out “one of the biggest financial frauds in US history.” In the meantime, Gary Wang and Caroline Ellison of Alameda, two of his former coworkers, pleaded guilty to several counts of fraud.

Even after the collapse went on for more than a month, FTX dominated the news sections of both traditional and crypto media. However, there have been equally harmful, if not more so, actions were taken by reputable businesses with sound financial standing that demand at least equal, if not greater, attention.

FTX Overshadowed Well Fargo’s Fraudulent Practices?

“Wells Fargo has harmed millions of American families with its rinse-repeat cycle of breaking the law.” Director of the Consumer Financial Protection Bureau Rohit Chopra stated the following regarding the entire incident. However, it appears that the “world” was more focused on the harm caused by FTX, whereas billion-dollar scandals involving conventional goliaths like Wells Fargo did not receive the necessary attention.

Similar sentiments were echoed in a tweet from Ripple CEO Brad Garlinghouse that included an FTX meme.

The world is (appropriately) outraged by SBF and FTX's fraud, but when Wells Fargo mismanages billions in customer funds as well, it's barely a blip on the radar. Food for thought…. pic.twitter.com/uHnumn4Ryi

— Brad Garlinghouse (@bgarlinghouse) December 21, 2022

Some XRP supporters even accused the SEC of choosing simple targets like the blockchain company Ripple rather than going after companies like FTX, which became known as a political megadonor, and Wells Fargo to protect customers from losing billions.

Wells Fargo Scandal

For those who are unaware, Wells Fargo was fined $1.7 billion by the Consumer Financial Protection Bureau, the largest civil penalty ever assessed by the organization. An additional $2 billion was levied against the bank for its role in the improper management of consumer loans for more than 16 million customers.

The CFPB Director referred to the fourth-largest bank in the country as a “repeated offender” and claimed that it had cost its clients billions of dollars in damage, including thousands of people losing their homes and cars. Additionally, the bank was charged with “wrongfully repossessing” cars, charging fees and interest on auto and mortgage loans fraudulently, and improperly allocating customer payments to auto and mortgage loans.

Even modifications to mortgages that the regulatory watchdog believed should have been approved were opposed by Wells Fargo. According to the CFPB, the bank allegedly knew about the problem that the refusal caused some borrowers to lose their homes before addressing it years later.

Wells Fargo had done a lot of serious harm, from charging customers with check and savings accounts erroneous overdraft fees, and other charges to misfreezing accounts.

Fined FTX Ripple Sam Bankman-Fried Well Fargo
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Saheel Khirodkar
Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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