Wells Fargo Fires Employee Who Committed 10-Cent Fraud in 1963

68-year-old Richard Eggers really should have known that the sordid details of his dark, criminal past would eventually creep into the present and jeopardize his career. In 1963, the Iowa resident gave new meaning to the term “money laundering” when he tried to insert a cardboard cutout of a dime into a laundromat machine. Local law enforcement caught wind of the stunt and arrested him for fraud.

Eggers, who was a teenager at the time of his arrest, turned his life around and until recently worked as a customer service representative at Wells Fargo bank. But under new federal employment regulations, Wells Fargo fired Eggers upon learning of his criminal record, ABC affiliate WOI-TV reports. The regulations were instated to weed out workers with histories of fraud and identity theft to better protect the company’s customers.

But wait, you might be thinking, aren’t these rules meant to weed out senior executives whose missteps can cost customers millions of dollars — not customer services reps guilty of decades-old pranks? Good question. But apparently, a rule’s a rule. As Wells Fargo spokesperson Angela Kaipust told WOI-TV:

“We don’t have discretion to grant exceptions in situations like this. Once we find out someone has a criminal history of dishonesty or breach of trust we can no longer employ them.” (more)