Patrick Toomey actually said...

But I think most people understand the meaning of the word 'fraud.'

We discover that management had far too few common-sense controls in place to prevent the kind of abuse that customers were subject to.

the reputational damage done to the bank clearly is material, and that has been manifested by this huge adverse movement in stock prices.

How does falsely signing a customer up for an account they do not want, how does it not meet that definition?