Richard Eggers, Fired By Wells Fargo For 50-Year-Old Prank, Can Reapply

Richard Eggers Wells Fargo job
Richard Eggers Wells Fargo job

In July, Wells Fargo fired 68-year-old employee Richard Eggers for slipping a cardboard dime into a laundromat washing machine in 1963. Eggers became a symbol of the unintended consequences of new banking regulations, aimed at purging mortgage lenders of employees with past convictions of fraud. Eggers has now been cleared to work again in the banking industry, reports The Des Moines Register, but he'll have to reapply to get his old job back.

In the wake of the 2008 financial crisis, Congress passed a law mandating that mortgage loan originators perform background checks on employees, similar to ones required of banks insured by the Federal Deposit Insurance Corp. When Wells Fargo checked up on Eggers, who had been a customer service representative at the firm for seven years, it discovered that prank from his youth.