Wells Fargo to pay $65 million for allegedly lying to investors about fake accounts

The San Francisco-based megabank has been hit with one scandal after the next, ranging from fraud, layoffs and even protests. These events have deeply impacted their business, resulting in a loss of consumer trust and weakening mortgage origination levels. Unfortunately for the bank, things just got a worse. New York Attorney General Barbara Underwood announced Monday that the bank has been ordered to pay a $65 million penalty, following an investigation into the bank's controversial "cross-selling" tactics, in which the bank offered different financial products to its customers. The cross-selling craze eventually led to the bank opening millions of accounts in customers' names without their permission.