Wells Fargo Case Summary

The Sarbanes-Oxley Act of 2002 was put in place to prevent corporations from committing accounting fraud or corruption. When a corporation manages somehow to get passed all the laws they do anything to keep the corruption going by covering up everything. With this going on the company’s main focus is keep the lies going and firing whoever is in the way. Wells Fargo has stated that they have fire over a hundred thousand people throughout the nation for being a part of the illegal activity in the company. Unfortunately for Wells Fargo employees are coming out from hiding telling their side of the story.

(1)Most adults can certainly agree that they hate bank fees. Even worse than paying bank fees, is paying a fee on a ghost account you did not know existed. Wells Fargo is a successful American International Financial Institution, but in recent years have been involved in a scandal that has hurt their reputation.

However, the customer did not know about some of the services being provided because the financial advisor would not reveal the services being charged. A particular service was insurance on the vehicle a customer was financing even though the customer had their own insurance. This action alone cost Wells Fargo over $200 million in a settlement to over 800,000 customers for the insurance fraud (Goldfarb, 2017). Wells Fargo has not lived up to the management’s ethical values stated for the organization to follow. The CEO and board chairman has not led by example because their salary and bonus was depending on the amount of services provided.

Dismissing Smith based solely on a poor attitude without providing evidence that she is hurting departmental job performance or other employees could end the company up in court facing a wrongful discharge suit. It is the manager’s responsibility to interpret and enforce a disciplinary process or policy in a fair and consistent manner. Trent needs to start by determining a plan of action, one that balances the business necessities against worker rights and documenting complaints about lack of professionalism, cooperation, and teamwork. Disciplining can be a gray area without clarifying the rules and pre-determining the viable consequences for violations that are reasonable and defendable.

In a recent case involving the Wells Fargo company, the judge ordered the company to pay a penalty worth $5.4 million to a manager who had been fired from the company in 2010 for reporting his suspicion on fraudulent behavior to seniors on the ethics hotline. The decision that the employee should resume back into his position in the company was also included in the verdict reached by the judge. The supposed $ 5.4 million was meant to be the compensatory fees for all the damages that he had been caused as well as to cater the legal fees. According to the reports from OSHA, the fired manager had received positive reviews for his job performance but was unsuspectingly dismissed after he had reported the cases of blackmail and wire fraud by some

A business is created to make money, it may originally be made to help people, but in the end the pocket book of stockholders and owners is what managers focus on, and what employees are hired to do for the company. This means to do whatever it takes to make money, however, you need to stay with in the law and in many cases be socially ethical in business practices. When you fall out of these boundaries you will find yourself on the front page with your stocks dropping and a loss of profits you have been trying to increase. It is understandable that social ethics is not a companies sole priority, however, when you forget you have a

Borrower found a home . Its new construction with D. R Horton dba Express Homes. Builder will pay title commitment if borrower chooses their preferred Lender. I can sell the customer on parcel help with title commitment as long as we can help her get 3.75 with any discount. She’s has been shopping for interest rate. Wells Fargo is offering 3.875 with any discount. Can we get her .875 or $1977.54 total

The Scoop answers the most commonly posed questions in the last 30 days to the Underwriting Scenario desk from Home Point Financial’s AEs and their clients. Every few weeks, we’ll share those responses, so we can make your job a little easier.

The scandal that broke up in wells Fargo last year involving the fake accounts with the customer money was found to be a corporate scandal. The case has been determined to issue important lessons in the way a company should avoid forming a culture that is vulnerable to corruption. The unethical behavior characterizing the Wells Fargo scandal had spread at the bank and many employees were engaged in the secret creation of the new bank credits and the credit-card accounts for the clients without their knowledge that later resulted in an overdraft and other fees. Most of the headline creating the unethical behavior was aimed at promoting financial gains for the firm and individuals. However, the case for Wells Fargo appeared to be more related

Multiplying Sun Coast’s book value of equity with 0.8 gives a value of $47,095,840 (Figure 5.1) for the company’s market value under this assumption. This results in a share price of about $5,233 with a total number of shares outstanding amounting to 9000.

As director of Educational and Professional Publishing for the American Lawbook Publishing Company (AL), Ed Troy needs to choose one of the three titles the company would offer for use in American Law Schools in the fall of 1982. According to Troy, a more systematic approach for evaluating and weighing the critical factors affecting sales, assessing the risks etc. was required. AL used to measure performance of new publications through Return on Sales and Return on Investment goals and the objective was 40% gross margin but the standard AL “Profit Planning” formulae were not easily applicable to law school publication titles therefore Troy evaluated the profit potential of new titles in a different manner but he was sure that results could

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Employee fraud often takes place when pressure (motivation), opportunity and rationalism are present. In fact, employee perception where failure to meet sales target might leave them unemployed and unable to settle bills for their family (Kelly, 2016). Furthermore, watching other co-worker committing fraud will most likely influence the employee to do the same because their mindset tends to persuade themselves that it is one of a way to meet their quota plus “everyone is doing it.”

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1. An increase in production and lowering cost has resulted in a smaller loss for Crescent Point Energy Corp. Crescent Point main objective is to lower cost in which this quarter operating expenses for example, improvements in transportation, chemical, and service cost, were 7% less than last quarter. Crescent Point’s production for the second quarter increased by 10% compared from last year.