December 1, 2023
Finance Technologies

Wells Fargo agrees to pay $3bn fine for fraudulent account furore

Wells Fargo has agreed to pay $3 billion to settle a long-lasting investigation into the fraudulent opening of millions of customer accounts. Wells Fargo says it has made “fundamental” changes since the scandal The bank, fourth-largest in the US, will pay the hefty fine to both the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The SEC will receive around $500 million of the total figure, which it plans to use to offer restitution to customers defrauded by the bank. Wells Fargo was found to have pressured employees to cross-sell products and services, leading them to…
Wells Fargo agrees to pay bn fine for fraudulent account furore

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