The hits keep coming over at Wells Fargo. While still reeling from their fraudulent bank account scheme, the bank will be paying $4.1 million to settle Justice Department charges that it violated federal law by seizing 413 cars owned by service members without a court order.
The Justice Department said the illegal repossessions took place from 2008 to 2015. The first complaint came from an Army National Guardsman in North Carolina who said the bank seized his car while he was preparing to deploy to Afghanistan.
Wells Fargo then auctioned his car and tried to collect a balance of $10,000 from his family, the Justice Department said.
The bank will pay $10,000 to each of the affected service members, plus lost equity in the cars with interest, and repair their credit.
Source: Jackie Wattles, CNN Money
If it keeps on raining, the levy holding WFC shares up is gonna break. For now, shares in the company continue to behave as if all these bankster activities are a normal part of being a bandit bank in the wild west.
