Ripple CEO Says Wells Fargo’s Fund Mismanagement is Just a Blip on the Radar

• Ripple CEO Brad Garlinghouse drops his two cents on the Wells Fargo fund mismanagement situation.
• Garlinghouse stated that the whole world was outraged by SBF and FTX’s fraud.
• He stated that Wells Fargo’s fund mismanagement was barely a blip on the radar.

Ripple CEO Brad Garlinghouse recently tweeted about the whole Wells Fargo situation. He claimed that the entire world was outraged by SBF and FX’s deception. However, he stated that he didn’t see the same enthusiasm when Wells Fargo mismanaged billions of dollars in customer funds.

Garlinghouse also criticized the fact that the whole Wells Fargo event is barely a blip on the radar. The recent tweet by the CEO of Ripple is a follow-up to Wells Fargo being fined by the US Consumer Financial Protection Bureau.

Wells Fargo has also been accused of mismanaging car loans, mortgages, and bank accounts in recent reports. The company was also asked to pay $3.7 billion for illegal conduct on Tuesday, which is considered one of the largest ever civil penalties.

As per the statement from the Consumer Financial Protection Bureau, Wells Fargo misapplied loan payments, wrongfully foreclosed on homes, and illegally repossessed vehicles. Further allegations include the incorrect assessment of fees and interest, along with other illegal activity that affected over 16 million consumers.

CFPB Director Rohit Chopra stated that:

The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country, which is an important initial step for accountability and long-term reform of this repeat offender.

This is a prime example of how customer fund mismanagement is prevalent not just in the cryptocurrency industry, but also in the traditional financial industry. Sam Bankman-Fried, the founder of FTX, was recently arrested in the Bahamas, and he’s being extradited to the US as the exchange reportedly mismanaged the funds of the users, causing billions in losses.