SALT LAKE CITY -- Homeowners and students attempted to make a citizens’ arrest on Wells Fargo CEO John Stumpf at an annual shareholders meeting held Tuesday.
Protesters entered the meeting, which was being held at the Grand America Hotel, and started reading the charges they brought.
The protesters said the citizen’s arrest is based on fraudulent acts they said Wells Fargo has committed, which include foreclosing on homes illegally, charging people higher loan rates based on their race, and overcharging students for student loans.
Sarah Fitouri, Colorado Student Power Alliance, said Wells Fargo should do more to work with students.
"We are being sold degrees at a value that they are not worth,” she said. “We need Wells Fargo to work with students to create a process for loan modification that will allow students to pay what their degrees are actually worth. My peers are graduating into debt that they cannot repay."
Security personnel removed the protesters from the meeting after the protesters announced their intent was to make a citizen’s arrest.
Wells Fargo issued a response, which said in part:
"We will always respect the rights of Americans to peacefully assemble, and we welcome open and collaborative dialog with our stakeholders. However, much of the current public discourse about Wells Fargo is not based on fact. Wells Fargo is a company with a long history of responsible lending, local community investment and involvement, and prudent risk management."
