Wells Fargo, Volkswagon, Corporate Culture and Fraud

Volkswagen, sold 11 million allegedly less-polluting diesel vehicles worldwide equipped with hidden software to override pollution controls because of the pressure to make their vehicles 30% more efficient that their competitors....even though this wasn't technically possible.

Wells Fargo, widely known for its aggressive cross-selling of products has claimed the 5,300 perpetrators were “underperformers,” even though these employees were scattered across the organization and not connected thus a clear indicator of corporate culture at work. Meanwhile, on Reddit, former Wells Fargo employees batted around tales in great detail of the sales pressure they endured.

For more see http://www.forbes.com/sites/davidschrieberg1/2016/09/16/how-does-corporate-culture-fuel-fraud-start-with-volkswagen-and-wells-fargo/#34cf67052d64


And to appreciate the enormity of the Wells Fargo issue, see Senator Elizabeth Warren questioning Wells Fargo CEO John Stumpf at the Banking Committee Hearing  

https://www.youtube.com/watch?v=xJhkX74D10M

Transaction laundering hides in plain sight with all three stages of money laundering (placement, layering and integration) one step removed

.....transaction laundering — a form of money laundering .......sometimes also known as "factoring," transaction laundering occurs when legitimate merchants process payments for illicit purposes on behalf of another party....

FinCEN recently singled out transaction laundering as a variation on the standard themes of money laundering. But what's remarkable about transaction laundering is the sheer "hiding in plain sight" nature of this gambit.

Criminals and their associates understand the industry and know the types of businesses that are likely to evade enhanced front-end due diligence.

Read more at http://www.fraud-magazine.com/article.aspx?id=4294994349&mkt_tok=eyJpIjoiWldaa01tUmlPV1k0TlRNMyIsInQiOiJGVkxueDd4Y0t0T2VNMldzUnlFTkk1MTJcL1lJZEVVWlRCVFRhK1RZXC9aamJJN2RTS1dkZUFDWlNnNmx4Y3JYcTJTU0haZms3Y0hnaXF6SVh5SjZ5TnFlMDMzV20zSDdIQ2ZwN1FUUVNpNk8xXC9mN3grM2xqUk00Sk5aam01YjlyaCJ9