Relevant:
- Wells Fargo Settles Fake-Account Lawsuit for $110 Million
- Wells Fargo fined $185 million for creating 2 million fake bank accounts; Fires over 5,000 Employees
- Wells Fargo can't seem to escape its troubled past
- Ex-Wells Fargo CEO John Stumpf barred from industry, to pay $17.5M for sales scandal
- Wells Fargo CEO John Stumpf Called to Account By US Congress
2020-02-24 — forbes.com
The San Francisco-based bank announced that it will pay the substantial financial penalty to both the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). Roughly $500 million of the fine will be allocated to the SEC. The regulator will use the funds from the settlement to offer some restitution to the the defrauded customers.Â
The problems began when Wells Fargo executives pressured rank-and-file bank personnel to aggressively cross-sell products to enhance sales and revenue to meet certain quotas. Deception reared its ugly head when Wells Fargo employees then created millions of savings and checking accounts for customers without their knowledge or approval.Â
For comparison's sake, major WF shareholder "Uncle Warren" Buffett made sure to get a dig into cryptocurrencies today -- "he doesn't hold them and never will"; but WF shares are, presumably, sterling!
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