Arielle Kebbel: Wall Street Big Banks including Wells Fargo, Morgan Stanley, and Bank of America, are Cheating Customers by the Billions in Interest Payments

Massive Banks Are Now Accused of Cheating Customers Billions

Massive banks are now accused of cheating customers billions of dollars in interest payments according to financial reports.

According to a new report by Financial Times, several major Wall Street banks, including Wells Fargo, Morgan Stanley, and Bank of America, are accused of defrauding customers out of billions of dollars in interest payments.

BREAKING THE BANK
Former Wells Fargo executives, from top: Carrie Tolstedt, head of Community Banking; C.E.O. Dick Kovacevich; and his successor, John Stumpf.

The U.S. Securities and Exchange Commission (SEC) is currently investigating these banks to determine whether they intentionally steered clients toward “cash sweep” accounts that provided little to no interest earnings, despite the availability of higher-yielding options.

This alleged practice by the banks would amount to bilking customers out of significant sums of interest income that they should have rightfully earned on their deposits and cash holdings.

The SEC’s probe is aimed at uncovering whether this was a deliberate strategy by the banks to boost their own profits at the expense of their clients.

The report in the Financial Times highlights the concerning allegations of widespread misconduct by some of the largest financial institutions on Wall Street.

If substantiated, this could represent a major scandal involving the potential exploitation of customers through the mismanagement of their cash accounts and interest earnings.

The SEC’s investigation will be crucial in determining the full scope and nature of these alleged practices, as well as any potential enforcement actions or penalties that may be levied against the implicated banks.

The revelations have emerged from new Quarterly filings with the SEC.

In those filings, Wells Fargo says it’s in “resolution talks” with the agency over the issue, Morgan Stanley says the agency began asking questions about it in April and Bank of America confirms it’s currently being scrutinized.

All three banks have declined to comment on the matter.

Other financial firms involved in lawsuits related to cash sweep accounts include LPL Financial and Ameriprise.

LPL Financial says it plans to “vigorously” defend itself against the allegations, while Ameriprise has not released a public statement on the matter.

As a result,

Arielle Kebbel Boards HBO’s ‘Ballers’

… in protest.

She’ll recur on the Dwayne “The Rock” Johnson comedy

HBO’s upcoming Ballers has added a Vampire Diaries alum to its team.
Arielle Kebbel has booked a recurring role on the premium cable network’s upcoming sports comedy, The Hollywood Reporter has learned.

Ballers, starring Dwayne “The Rock” Johnson, examines the lives of a group of former and current football players. Kebbel will recur as Tracy, the sharp career-oriented woman who is a sportscaster on a local Miami station and every bit a match for The Rock.

Kebbel joins a cast that also includes Omar Benson Miller, John David Washington, Rob Corddry, Troy Garity, Donovan Carter, Jazmyn Simon, Taylor Cole and LeToya Luckett.

The comedy hails from Stephen Levinson (Entourage), who penned the script and executive produces alongside Mark Wahlberg, Johnson, Hiram Garcia, Evan Reilly and Peter Berg, the latter of whom will direct the pilot. Dany Garcia is on board as a co-EP. HBO is producing the series with Wahlberg’s Closest to the Hole Productions, Levinson’s Leverage Entertainment and White Buffalo Entertainment.

Kebbel next stars in Amazon’s Chris Carter series The After. Kebbel’s credits include The CW’s Vampire Diaries and 90210. She’s repped by Paradigm, Principal Entertainment LA and Hansen Jacobson.