Wells Fargo agrees to pay USD 3 bln to solve fake-accounts investigation
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.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright