Wells Fargo Leaked 50,000 Client Emails to Former Employee

July 24, 2017, Written By Lynn Oldshue

Wells Fargo has been working hard to rebuild their reputation after bank employees were found creating two million unauthorized checking and credit card accounts in customers’ names. Now, the company faces yet another round of scrutiny for sending a former employee financial information for over 50,000 individual customers.

When Gary Sinderbrand subpoenaed Wells Fargo as part of a defamation lawsuit, he wasn’t expecting to receive a 1.4 GB file containing thousands of customer names, Social Security numbers, bank fees, investment portfolios and more. Most of the customers within the file were “high-net-worth investors,” with investments totaling “tens of billions of dollars.”

The information is contained on a CD which came with no confidentiality agreements to prevent Sinderbrand and his attorneys from releasing the data to the public. They have no plans to do so. Instead, Sinderbrand’s lawyer Aaron Ziesler says, “We are continuing to evaluate his legal rights and responsibilities. Wells Fargo has not identified what specific documents it asserts were inadvertently exposed.”

Angela Turiano, the third-party lawyer representing Wells Fargo, said the file was accidentally sent to Sinderbrand, and requested the CD be returned so the information could be redacted. Sinderbrand and his attorneys are weighing their options at the moment.

Wells Fargo will be required to notify affected customers about the incident due to state and federal privacy laws. Some of the documents within the file come from a foreign owner, which means Wells Fargo may also need to comply with overseas privacy regulations. The bank is already planning to pay $142 million for their fake account scandal, and may face another round of lawsuits from these customers.



The information contained within this article was accurate as of July 24, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
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