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Wells Fargo agrees to pay USD 3 bln to solve fake-accounts investigation

Monday 24 February 2020 10:54 CET | News

Wells Fargo has agreed to pay USD 3 billion to settle criminal and civil investigations into a long-running practice, BusinessInsider reports.

As per the investigation,  the company employees opened millions of unauthorised bank accounts in order to meet unrealistic sales goals. The fake-accounts scandal came to light in 2016, and since then Wells has paid out billions in fines to state and federal regulators, reshuffled its board of directors, and seen two CEOs and other top-level executives leave the company.

The USD 3 billion payment includes a USD 500 million civil payment to the Securities and Exchange Commission, which will distribute those funds to investors who were impacted by Wells' behaviour.


Source: Link


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Keywords: Wells Fargo, fake accounts, investigation, payments , criminal case, bank accounts, federal regulators, securities
Categories: Fraud & Financial Crime
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Countries: World
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Fraud & Financial Crime

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