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Showing 1 - 5 of 5 results for "Fake accounts"

JPMorgan says fintech was a fraud, closes business

JAMIE WILLIAMSON  |  MONDAY, 16 JAN 2023
... shuttered the financial planning fintech it acquired in 2021 and is suing its founder, claiming most of its users were fake accounts created to inflate the business' value. In September 2021, JPMorgan Chase acquired Frank, a platform that assisted college ...

Australian banks among most fined

ELIZABETH MCARTHUR  |  TUESDAY, 12 JAN 2021
... second largest US fine was $3 billion, handed to Wells Fargo after it was revealed the bank had set up millions of fake accounts. Australian banks came in second place, with just three fines managing to add up to US$981 million. That figure was mostly ...

Westpac puts Australia on bad banking leaderboard

ELIZA BAVIN  |  WEDNESDAY, 14 OCT 2020
... paid US$2.96 billion this year. Wells Fargo was hit with the fine by federal authorities in relation to millions of fake accounts created at the bank over many years. Other nations in the top 10 include Israel's Bank Hapoalim, Sweden's Swedbank ...

Former Wells Fargo chief banned for life

ALLY SELBY  |  FRIDAY, 24 JAN 2020
... executive John Stumpf has been banned from the banking industry and will cough up US$17.5 million for his role in the fake accounts scandal that has continued to rock the world's fourth largest bank since 2016. The Office of the Comptroller of the Currency ...

Former NAB adviser charged

JAMIE WILLIAMSON  |  TUESDAY, 23 APR 2019
... in the names of clients; falsified documents to open said accounts; withdrew funds from client accounts into the fake accounts; and impersonated clients to obtain access to funds in the fake accounts. ASIC said Eung also incorporated a company for the ...
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