The Associated Press (via Yahoo! Finance
) reports that Wells Fargo had to let Richard Eggers go due to new FDIC regulations. The regulations were put in place in order to clear out employees who have been convicted of transactional crimes or other crimes related to dishonesty.
According to USA Today
, Eggers committed the crime back on Feb. 2, 1963 in Carlisle, Iowa. He spent two days in jail for trying to defraud the laundromat by using a bogus coin to do his laundry.
Eggers stated of his crime:
"It was a stupid stunt and I'm not real proud of it, but to fire somebody for something like this after seven good years of employment is a dirty trick when you come right down to it."
Eggers is attempting to appeal his termination through a waiver process, but the process could take six months to a year before a final decision is reached.
Eggers is one of thousands of employees across the US who have been terminated due to their criminal records since the federal regulations went into affect last year.
Yolanda Quesada, another Wells Fargo employee, was fired in May over a 1972 shoplifting charge, according to the Huffington Post
Wells Fargo spokesperson Angela Kaipust stated of the recent wave of terminations:
"Once we find out someone has a criminal history of dishonesty or breach of trust we can no longer employ them."