Wells Fargo manager stole $1.2M from vulnerable customers, feds say. He's prison-bound

[BlueWaveNeverEnd]

A former Wells Fargo bank manager is going to prison after federal prosecutors say he used his position to steal more than $1.2 million from his customers in Washington.

“Eight vulnerable senior citizens had their retirement accounts decimated at the time when they needed them most,” Assistant U.S. Attorney Zachary Dillon wrote in sentencing documents filed in Tacoma federal court.

The customers were all older than 70 — including three diagnosed with dementia and/or Alzheimer’s disease, two who had a limited understanding of English and one who was unable to read or write, according to a sentencing memorandum.


Brian Davie, 44, of Battle Ground, stole $1,279,840 from these individuals by making unauthorized cash withdrawals from their accounts, using money transfers and cashier’s checks, prosecutors said.

One woman had $566,000 stolen from her accounts, according to prosecutors.


Read more at: https://www.thenewstribune.com/news/state/washington/article285734211.html#storylink=cpy

[DFW]

1. How low can one stoop?

No prison sentence is long enough for someone who would do that.

[jaxexpat]

2. These victims should get every penny back with accrued interest.

People must understand clearly that the theft was engineered and committed by Wells Fargo Bank. Naming a culprit does not relieve the bank from its culpability. In fact, the identity of whoever was in a position to steal, and did so, is entirely irrelevant. If the bank used that identity to escape responsibility for restitution, any corporate figures involved in such a stand, such a ploy, are as guilty of fraud and theft as the named employee. Our paperless, receipt-less, economy hangs by the fingernails of trusting depositors, vulnerable to white collar highwaymen and their feckless accomplice, employee incompetence.
As instances of internal theft and error become more prevalent, more costly, you can be sure there will be an increase of obscure fees to backstop the pilfering, the profit erosion. It's much simpler to fleece the masses than to police one's own business, especially as institutions approach mega-monopoly status. So mind-numbingly many keys to punch while time and interest accrue with mathematical predictability.

[BlueWaveNeverEnd]

3. agreed that Wells Fargo is at fault. the bank has partially paid back the victims and is waiting for court to

determine how much criminal has to pay back.

[Wonder Why]

4. Wells Fargo has a history of doing the business on their customers.

They need to fully repay and apologize now then ask the court to direct reimbursement of actual money to them from the perp. Show some ethics for once in your history, WF!

[jaxexpat]

5. Exactly my point. The bank has no right to wait for anything regarding the balances of those accounts.

The judgement by a court is only about prosecuting a person accused of theft. The bank should restore the stolen money immediately without reservation or conversation, much less with dependence on a criminal prosecution. Is the bank taking the position that if the accused is found guilty but is unable to restore those funds those depositors are out of luck? What other possible excuse is there that they would not have automatically restored the missing money in full?

I had a run in with Wells Fargo:
I'd opened a savings account for my new grandson with Wachovia Bank. Told at that time there was no fee nor minimum balance requirement until grandson was 18 yr old. Then Wells Fargo acquired Wachovia and the next statement showed a $5.00 fee deduction. The next time I was at the bank I mentioned the problem and they agreed it was incorrect and to stop deducting the monthly fee. The next statement showed no new deductions, but the initial $5.00 deduction remained. I went to them and spoke with a manager who told me that since they'd already requisitioned the $5.00, "they were unable to put it back, as there was no procedure to do that". She told me, looking at me right in the eye, "they will never restore that fee into your account". I suggested that I was feeling pretty put upon by this chicanery and asked her to call 911 as I'd just been robbed. She said she was very sorry and gave me $5.00 out of her purse. I was full of suggestions that day, telling her that though the money was irrelevant the principle was invaluable, and she would do well to find a more honest employer, because the next time they may be deducting and reneging agreed salary stipulations from her wages with the same degree of concern. Her reply was that they'd already seen new, inexplicable and additional payroll fees, but that the job market was not good enough to simply up and quit. It was 2008, Bush's economic miracle had hit the economy pretty hard. Funny, how for so many, Obama got the blame for it, too.

Huge banks are pirates and thieves thriving in a land of lawlessness.

[BlueWaveNeverEnd]

7. Wells Fargo's soul is dead. I'm amazed the employee gave you $5 out of her pocket. Hope she found an ethical employer

[jaxexpat]

8. I credit my high school drama class. Apparently, I can come off very sympathetic. Who knew?

[Yo_Mama_Been_Loggin]

6. Too bad so sad.