Yesterday’s Senate Banking Committee hearing on Wells Fargo should have ended with CEO John Stumpf hauled off in handcuffs. In a little over two hours, Stumpf revealed enough information, combined with what was already known in public records and filings, to make a powerful case for securities fraud. Specifically, that he touted fraudulent sales figures to investors as evidence of the bank’s growth, boosting the stock price and personally benefiting by $200 million. Worst of all, Stumpf used low-paid workers as the raw materials for this scheme, and as the scapegoats when it unraveled.

Stumpf implicated himself with his own prepared testimony, when he acknowledged that by 2011, officials at the bank were actively engaged in identifying and rooting out unethical sales practices. These practices led to Wells Fargo employees opening at least two million fake accounts that customers never authorized. The Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), and the Los Angeles City Attorney’s office fined Wells Fargo a total of $190 million for this misconduct.

Under questioning from Senator Sherrod Brown of Ohio, Stumpf admitted that he personally learned of the fake accounts scandal “sometime in 2013.” The firm informed its primary regulator, the OCC, at that time, even before reports in The Los Angeles Times laid out the entire scheme.

Wells Fargo did not, however, inform investors. In the three years after its CEO acquired first-hand knowledge of what was going on, the bank never explained how many fraudulent accounts were uncovered, how many customers were overcharged in fees on unauthorized accounts, how metrics on account sales growth were compromised by the fake figures, or even whether there was an active federal investigation into its practices. All Wells did in those quarterly reports to investors was tout expertise in “cross-selling”—signing up individual customers for multiple accounts.

The senators on the Banking Committee connected the dots. Republican Pat Toomey of Pennsylvania asked if Stumpf disclosed the investigation in Securities and Exchange Commission (SEC) filings. Stumpf said he didn’t remember, but Toomey confirmed the answer was no. That is a material misrepresentation, a clear violation of securities laws. Stumpf actually tried the alibi that, because the $190 million fine was so puny relative to Wells Fargo’s $5.6 billion in quarterly profits, the investigation wasn’t material at all!