$47,646 Drained From Customers’ Accounts at Wells Fargo As Rogue Executive Mounts Year-Long Campaign To Steal Cash: US Bank Regulator

A Wells Fargo executive has been ordered to leave the banking industry after draining tens of thousands of dollars from customer deposit accounts.

The Office of the Comptroller of the Currency (OCC) is issuing a consent order against ex-Wells Fargo operations associate manager Cindy M. Flores for violating laws and engaging in unsafe and unsound practices.

Between September 2022 and October 2023, the OCC says Flores misappropriated at least $47,646.52 by shifting funds from customer deposit accounts and taking steps in an effort to obfuscate the transactions.

According to the OCC, Flores’ actions led to personal gain at the expense of Wells Fargo as the banking giant took losses to reimburse the affected customers.

“The practices and violations involved personal dishonesty and demonstrated a willful disregard for the safety or soundness of the Bank.”

The former bank executive agrees to the conditions of the consent order without admitting or denying the OCC findings.

She also agrees to never work again in the US banking industry unless she gets prior written consent from the OCC and a financial company looking to make her an employee.

The OCC says the consent order does not stop other regulators and federal agencies from taking legal action against Flores if they see fit.

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