Sales personnel in the group received incentives for the money they brought in. If customers did notice issues, the salespeople would lie and sometimes create fake transaction data.As customers were identified in transactions, the salespeople would take bigger liberties with those who were thought to be less experienced in FX trading.They would also transpose numbers to inflate profits and, if caught, would claim it was an honest mistake. Some people would make up rates and calculations to pretend that they were meeting their obligations.Rather than use rates at the time a wire transfer was converted, the group would cherry-pick rates from other times in the day to get greater advantage for the bank.The FX sales group had agreements with customers for fixed spreads between buy and sell prices, but then “surreptitiously and systematically” charged much higher spreads, pocketing millions for Wells Fargo.
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