- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-11-01T16:18:00
The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing that the Securities and Exchange Commission (SEC) has joined federal prosecutors in examining the issue.
In a quarterly filing released Monday, Wells Fargo disclosed that the SEC has undertaken “formal or informal inquiries or investigations regarding the company’s hiring practices related to diversity.” Wells Fargo announced in August that the Department of Justice is also investigating its hiring practices.
In the same filing, Wells Fargo disclosed more shareholders have joined a class-action lawsuit that alleges the company and some executive officers made “false or misleading statements” about hiring practices related to diversity. The shareholders claim the value of their stock was artificially inflated because of the actions of bank executives related to the company’s handling of its diverse candidate hiring policy.
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Wells Fargo disclosed investigations by the Department of Justice and Securities and Exchange Commission into the bank’s diversity hiring practices concluded without enforcement action.
Wells Fargo announced the appointment of Kristy Fercho as head of diverse segments, representation, and inclusion. She takes up the role as the Department of Justice and Securities and Exchange Commission investigate the bank’s diversity hiring practices.
Wells Fargo disclosed in a regulatory filing the Department of Justice has opened an investigation into the bank’s “hiring practices related to diversity.”
Eight business executives, including the billionaire owner of Indian energy company Adani Group, were charged with fraud for their alleged roles in a multi-million bribery scheme to win a solar energy contract in India.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
