Sentencing in Wells Fargo Customer Data Theft Case

A California man named Ronald Charles Reed has been sentenced to prison for partnering with Wells Fargo employees to steal customer data in connection with the bank’s fake accounts scandal, the Journal reported. “Mr. Reed pleaded guilty in March to bank fraud and aggravated identity theft, the U.S. Attorney’s Office said. Mr. Reed, also known as Disco Ronnie, admitted working with former Wells Fargo employees and runners to impersonate customers by stealing their dates of birth, account numbers, driver’s license numbers and Social Security numbers. The other bank employees who worked with Mr. Reed have also pleaded guilty and are awaiting sentencing, the U.S. Attorney’s Office said.” Meanwhile, Wells Fargo has announced it will close 400 branches in the next two years as it tries to recover from the fake accounts scandal, said the FT.

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