The Whistleblower Institute announces that Wells Fargo has to pay $5.4 million to a former employee whistleblower.
San Diego, CA -- (SBWIRE) -- 09/06/2017 -- The Whistleblower Institute announces that Wells Fargo has to pay $5.4 million to a former employee whistleblower for reporting suspected fraudulent behavior at the bank.
Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute at firstname.lastname@example.org or call: 619-452–1218. There are no costs or obligations to you.
On April 3, 2017, the federal government ordered Wells Fargo to reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior at the bank and will have to pay him $5.4 million in back pay, damages and legal fees.
According to the Labor Department's Occupational Safety and Health Administration (OSHA), allegedly the manager was "abruptly" forced to leave a Los Angeles branch of the bank in 2010, after he told superiors he suspected two of his subordinates of bank, mail and wire fraud. The manager also called the bank's ethics hot line.
"He verbally told his managers, and he also called the hotline," said Barbara Goto, regional administrator for OSHA. "Because of that, he was retaliated against by Wells Fargo."
Reportedly, Wells Fargo stated that the former manager, who was not named by the Labor Department or the bank, had worked in the bank's wealth management group.
Wells Fargo has been in turmoil since admitting that its employees, under pressure to meet aggressive sales goals, opened as many two million fraudulent accounts. Wells Fargo fired thousands of employees who were involved and paid $185 million to settle lawsuits brought by two federal regulators and the Los Angeles city attorney.
Federal whistle-blower laws prohibit companies from retaliating against workers for reporting legal violations, either internally or to government officials.
Based in San Francisco, California, Wells Fargo & Company is an American international banking and financial services holding company.
The Whistleblower Institute is an information portal for current or former employees and other people having insight information about wrongdoing and other illegal activities by individuals either individually or within corporations, through company culture and or within international affairs. Whistleblowers should keep in mind that under the Dodd-Frank Act any person who provides the Securities and Exchange Commission ("SEC") with original information that leads to a successful enforcement action with over $1 million recovered must be awarded between 10%-30% of the total amount recovered. In order to determine the total amount of the reward there are numerous factors that need to be considered. Whistleblower actions are complex and our goal is to guide any whistleblower every step of the way. The Whistleblower Institute is dedicated to partnering with any individual who have information about fraud and we work with many of the best law firms worldwide.
Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute.
2534 State Street - Suite 406
San Diego, CA 92101, USA
Phone: +1 (619) 452–1218
Facsimile: +1 (619) 785 – 3185