A former Wells Fargo senior manager just agreed to pay a $40,000 fine and turn his back on the banking industry.
The Office of the Comptroller of the Currency (OCC) is issuing a consent order against ex-Wells Fargo operations senior manager Norman Desembrana for allegedly misleading customers, engaging in reckless unsafe and unsound practices and breaching his fiduciary duty to the bank.
The OCC finds that between October 2021 and March 4th, 2022, Desembrana intentionally hid the fact that the bank’s Philadelphia Lockbox was witnessing a significant backlog of unprocessed customer checks. According to the OCC, Desembrana failed to disclose the issue with his employer during meetings and instructed his supervised employees to generate fake bank reports to conceal the amount of backlogged customer checks.
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