Wells Fargo CEO Denies Dumping Stock on Insider Information of Phony Accounts

‘Wells Fargo CEO John Stumpf’s phony accounts problem just got worse.
Thursday, during a Congressional hearing on the scandal, Rep. Carolyn Maloney (D-NY) accused Stumpf of using insider information about the phony accounts to cash in $13 million worth of his own shares before knowledge of the fraudulent activity at Wells Fargo WFC 0.00% became public. Maloney said the timing of that trade raised questions of whether Stumpf put himself ahead of customers who had been defrauded, and ahead of the bank in general.
“The timing is very, very suspicious and it raises serious questions,” Maloney said.’
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