Charles L. Capito, also known as Charlie Capito, is an American retired wealth management executive. He is also known for being the husband of Senator Shelley Moore Capito.
Charlie Capito held positions at prominent financial institutions like UBS and Wells Fargo during his career. He worked for a considerable period at Wells Fargo's Private Client Services division in Charleston, West Virginia.
Charlie and Shelley Moore Capito have three children together: Charles, Shelley, and Arch.
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UBS and Wells Fargo, as large, multinational financial institutions, have faced a number of controversies and legal issues over the years. Here are some notable examples as of my training data cut-off in September 2021:
UBS Controversies:
2008 Financial Crisis: UBS was heavily impacted by the 2008 financial crisis, resulting from high-risk investing in the U.S. subprime mortgage market. It reported the largest losses of any Swiss company in history and had to be rescued by a bailout from the Swiss government.
Tax Evasion: In 2009, UBS admitted to aiding U.S. citizens in tax evasion between 2000 and 2007 and agreed to pay $780 million in fines to the U.S. Department of Justice. This was followed by a similar case in 2014 when French authorities charged UBS with aiding tax evasion, leading to a €4.5 billion fine in 2019, including damages and penalties.
LIBOR Scandal: In 2012, UBS was one of several banks implicated in the London Interbank Offered Rate (LIBOR) scandal, where banks were accused of manipulating interest rates. UBS paid a fine of $1.5 billion.
Wells Fargo Controversies:
Fake Accounts Scandal: In 2016, Wells Fargo employees were found to have created millions of fraudulent savings and checking accounts on behalf of the bank’s clients without their consent. The bank was fined $185 million by the Consumer Financial Protection Bureau (CFPB), and the scandal led to the resignation of then-CEO John Stumpf.
Auto Insurance and Mortgage Lending: In 2017, it was revealed that Wells Fargo had charged hundreds of thousands of customers for auto insurance they did not need. This led to many people's cars being repossessed due to the extra costs. Also, the bank was found to have made unauthorized adjustments to the terms of home loans held by bankrupt customers. Wells Fargo agreed to pay $1 billion in fines to federal regulators as a result of these and other practices.
Sales Practices Investigation: In 2020, Wells Fargo agreed to pay a $3 billion fine to settle a civil lawsuit and resolve a criminal prosecution filed by the Justice Department over its fake account scandal and other sales practices.
Please note, however, that these controversies do not necessarily imply any wrongdoing by Charles L. Capito in his capacity as a wealth management executive at these institutions. His specific roles and responsibilities would not typically involve the actions that led to these scandals.
Her Husband worked for UBS and WellsFargo:
Charles L. Capito, also known as Charlie Capito, is an American retired wealth management executive. He is also known for being the husband of Senator Shelley Moore Capito.
Charlie Capito held positions at prominent financial institutions like UBS and Wells Fargo during his career. He worked for a considerable period at Wells Fargo's Private Client Services division in Charleston, West Virginia.
Charlie and Shelley Moore Capito have three children together: Charles, Shelley, and Arch.
‐-----------
UBS and Wells Fargo, as large, multinational financial institutions, have faced a number of controversies and legal issues over the years. Here are some notable examples as of my training data cut-off in September 2021:
UBS Controversies:
2008 Financial Crisis: UBS was heavily impacted by the 2008 financial crisis, resulting from high-risk investing in the U.S. subprime mortgage market. It reported the largest losses of any Swiss company in history and had to be rescued by a bailout from the Swiss government.
Tax Evasion: In 2009, UBS admitted to aiding U.S. citizens in tax evasion between 2000 and 2007 and agreed to pay $780 million in fines to the U.S. Department of Justice. This was followed by a similar case in 2014 when French authorities charged UBS with aiding tax evasion, leading to a €4.5 billion fine in 2019, including damages and penalties.
LIBOR Scandal: In 2012, UBS was one of several banks implicated in the London Interbank Offered Rate (LIBOR) scandal, where banks were accused of manipulating interest rates. UBS paid a fine of $1.5 billion.
Wells Fargo Controversies:
Fake Accounts Scandal: In 2016, Wells Fargo employees were found to have created millions of fraudulent savings and checking accounts on behalf of the bank’s clients without their consent. The bank was fined $185 million by the Consumer Financial Protection Bureau (CFPB), and the scandal led to the resignation of then-CEO John Stumpf.
Auto Insurance and Mortgage Lending: In 2017, it was revealed that Wells Fargo had charged hundreds of thousands of customers for auto insurance they did not need. This led to many people's cars being repossessed due to the extra costs. Also, the bank was found to have made unauthorized adjustments to the terms of home loans held by bankrupt customers. Wells Fargo agreed to pay $1 billion in fines to federal regulators as a result of these and other practices.
Sales Practices Investigation: In 2020, Wells Fargo agreed to pay a $3 billion fine to settle a civil lawsuit and resolve a criminal prosecution filed by the Justice Department over its fake account scandal and other sales practices.
Please note, however, that these controversies do not necessarily imply any wrongdoing by Charles L. Capito in his capacity as a wealth management executive at these institutions. His specific roles and responsibilities would not typically involve the actions that led to these scandals.