Wells Fargo executives have been forced out of the banking industry after they were found guilty of draining tens of thousands of dollars from customers’ deposit accounts.
The Office of the Comptroller of the Currency (OCC) Publish A consent order was issued against former Wells Fargo assistant manager of operations, Cindy M. Flores, accusing her of violating the law and engaging in unsafe and unwholesome practices.
According to the OCC, between September 2022 and October 2023, Flores misappropriated at least $47,646.52 by transferring funds from customers’ deposit accounts and taking steps to obfuscate the transactions.
According to the OCC, Flores’ actions resulted in him seeking personal gain at the expense of Wells Fargo, causing the bank to lose money by compensating harmed customers.
“These acts and violations constitute personal misconduct and a willful disregard for the safety and soundness of the bank.”
The former bank executives agreed to the terms of the consent order without admitting or denying the OCC’s findings.
She also agreed not to work again in the U.S. banking industry unless she received prior written consent from the OCC and any financial company that wanted to make her an employee.
The OCC said the consent order does not prevent other regulators or federal agencies from taking legal action against Flores if they deem it appropriate.
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