Wells Fargo ordered to pay $5.4 milllion, reinstate banker
SAN FRANCISCO – Federal regulators have ordered Wells Fargo to pay $5.4 million and reinstate a former banker who reported suspected fraudulent behaviour in 2010.
The U.S. Department of Labor’s Occupational Safety and Health Administration says the banker lost his job at a Wells Fargo branch in the Los Angeles area after reporting suspected fraud committed by two people he supervised.
Wells Fargo spokesman Vince Scanlon says the bank plans to appeal the preliminary order and ask for a full hearing because it disagrees with the findings.
OSHA officials say the $5.4 million includes the whistleblower’s back pay, compensatory damages and legal fees.
Wells Fargo was also ordered to tell all its employees about whistleblower protections.
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