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Wells Fargo Once Again in DOJ's Hot Seat
Wednesday, March 11, 2020
Following a full committee hearing on Tuesday morning that
featured Charles W.
Scharf, Chief Executive Officer (CEO) and President of Wells Fargo &
Company, the House Financial Services Committee (FSC) has asked the Department
of Justice to review earlier testimony of one of his predecessors. In a letter
to Attorney General William P. Barr, FSC Chair Maxine Waters (D-CA) said a
year-long FSC staff investigation into Wells Fargo's compliance with five
regulatory orders found that former Wells Fargo Chief Executive
Officer Tim Sloan gave inaccurate and misleading testimony during a Committee
hearing on March 12, 2019. The letter continued, "Because this matter involves a potential violation of a
federal criminal statute, I am requesting that the DOJ review Mr. Sloan's
testimony along with the evidence presented in the enclosed copy of my staff's
report and take such action as the DOJ deems appropriate."
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