Fired for What!? - The Cardboard Cutout Dime Caper

Richard Eggers was convicted of operating a coin changing machine by false means, and it recently cost him his job at Wells Fargo. Specifically, he used a cardboard cutout dime in a washing machine . . . in 1963!

Why would an employer fire somebody for a nearly 50-year old crime? If you suspect there's more to the story, then you are correct:

Big banks have been firing employees due to new federal banking and mortgage employment guidelines. They're meant to weed out employees guilty of identity theft and mortgage fraud but are being applied across-the-board because of a possible $1-million-day-fine for noncompliance.

As another article on this story explains:

The regulatory rules forbid the employment of anyone convicted of a crime involving dishonesty, breach of trust or money laundering.

There are waiver procedures, so maybe Mr. Eggers will one day be cleared for duty. There is also a fast-track waiver for people who have not served jail time, but Mr. Eggers spent two days jail for the cardboard cutout dime caper so he is not eligible. The law of unintended consequences strikes again!

HT: Derek Bottcher, Cooley LLP (.vcf) via email.