Wells Fargo Fake Account Scandal (Essay Sample)

Wells Fargo Fake Accounts Scandal
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Wells Fargo Fake Accounts Scandal
Businesses worldwide are established with the primary purpose of turning profits. On this breadth, the investors and owners continuously find ways of increasing the returns on their investments. It is worth noting that there are genuine business owners and investors who conduct their operations ethically and don’t seek to take advantage of unsuspecting consumers for selfish interests. On the other hand, there are also unscrupulous individuals and entities that are out to make abnormal profits without putting in the work. It is based on the latter that over years there have been several ethical and financial scandals that have been witnessed globally. These scandals have not only tarnished and ruined the reputations of established firms but also caused consumers to suffer massive losses. One notable scandal in the recent past involved Wells Fargo. The controversy centered on the creation of millions of fake savings and checking accounts on behalf of Wells Fargo clients without their consent. The paper purposes to extensive examine the Wells Fargo account fraud scandal, legal analysis and its relevance to the business environment.
Overview of the Scandal
The Wells Fargo account controversy hit headlines during the tail-end of 2016. However, there