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Compliance Into the Weeds

OCC ALJ Slams Ex-Wells Fargo Execs

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more. In this episode, we continue the ongoing saga of Wells Fargo and its fraudulent accounts scandal. Recently an administrative law judge has affirmed that three former audit and risk management executives at Wells Fargo should face millions in penalties for their sloppy oversight during the bank’s fake-account scandal in the 2010s. The defendants were Claudia Russ Anderson, former group risk officer for Wells Fargo’s community banking division; David Julian, former chief auditor; and Paul McLinko, former executive audit director.

Some of the highlights include:

·      The background facts.

·      Will the fallout from the Wells Fargo fake accounts scandal ever end? (Hint-When, our Sun, goes supernova.)

·      What is failure to provide a credible challenge?

·      Why are these execs trying to defend their inaction?

·      Why a clear line of authority is needed in compliance.

·      A root cause analysis is a basic Hallmark of an effective compliance program. Why was it separately called out?

·      What are the lessons learned for compliance?

 Resources

Matt Kelly in Radical Compliance

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Daily Compliance News

June 13, 2022 the Wells Fargo Under Investigation (Again) Edition


In today’s edition of Daily Compliance News:

  • Senate bill to have CFTC regulate crypto. (WaPo)
  • Wells Fargo is under criminal investigation for fraudulent interviews. (NYT)
  • SEC begins an investigation into Goldman Sachs over ESG reporting. (WSJ)
  • Finance teams prepare for new ESG regs. (WSJ)
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Daily Compliance News

June 8, 2022 the Gupta Brothers Arrested Edition


In today’s edition of Daily Compliance News:

  • Vietnamese minister sacked in corruption scandal. (Bloomberg)
  • Gupta Brothers arrested in Dubai. (WSJ)
  • ABC programs blockchain and crypto. (Kroll)
  • Wells Fargo halts fraudulent hiring program. (NYT)
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Daily Compliance News

June 3, 2022 the Clean Up Your Culture Edition


In today’s edition of Daily Compliance News:

  • Gemini crypto exchange sued by CFTC. (WSJ)
  • Senator tells Wells Fargo to fix its culture. (WSJ)
  • Corruption in emerging markets. (HBR)
  • House to investigate Saudi investment in Kushner firm. (NYT)
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Daily Compliance News

May 21, 2022 the Elon Accused Edition


In today’s edition of Daily Compliance News:
• AML sanctions enforcer to get more money. (WSJ)
• Harassment claim made against Elon Musk? (NYT)
• Pharma Bro released early from prison. (WaPo)
• Wells Fargo fined for AML lapses. (Reuters)

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Daily Compliance News

March 22, 2022 the Institutional Corruption Edition


In today’s edition of Daily Compliance News:

  • Crypto an unlikely route for sanctions evasion. (WSJ)
  • Lebanese central bank chief charged with corruption.  (WSJ)
  • Met still ‘institutionally corrupt’? (BBC)
  • Wells Fargo sued for red-lining. (Bloomberg)
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Daily Compliance News

February 4, 2022 the Culture Matters Edition


In today’s edition of Daily Compliance News:

  • More Wells Fargo culture issues. (WSJ)
  • Homeland Security to study cyber-attacks.  (Bloomberg)
  • KPMG sued for $1.8bn over Carillion debacle. (Reuters)
  • WFT gets sued yet again. (WaPo)
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Daily Compliance News

January 19, 2022 the BoJo the Clown Edition


In today’s edition of Daily Compliance News:

  • No one warned him breaking the rules, was against the rules. (BBC)
  • Microsoft to buy Activision. (WSJ)
  • Good Luck. Wells Fargo hires new CRO. (WSJ)
  • Did Derchert lawyer hide hack provenance? (Reuters)
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Daily Compliance News

July 3, 2021 the Like the Mafia edition


In today’s edition of Daily Compliance News:

  • Will Wells Fargo ever change? (WSJ)
  • SFO ordered to reveal contacts with fixer. (FT)
  • DOJ probing Lordstown Motors. (WSJ)
  • Did Greensill mislead its insurers? (FT)
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Daily Compliance News

October 30, 2020-Wells Fargo Struggles edition


In today’s edition of Daily Compliance News:

  • Wells Fargo shares hit lowest since 2009. (WeCruitr)
  • Leon Black says he did nothing inappropriate with Epstein. (WSJ)
  • College football in chaos over Coronavirus. (WSJ)
  • Trump’s illegal actions against EEOC training draws business scrutiny. (WaPo)