![]() ![]() ![]() Prosecutors slammed Wells Fargo for the “staggering size, scope and duration” of the unlawful conduct uncovered at one of America’s largest and most powerful banks.Īs part of the deal, Wells Fargo admitted that between 20, it falsified bank records, harmed the credit ratings of customers, unlawfully misused their personal information and wrongfully collected millions of dollars in fees and interest. The deal does not, however, remove the threat of prosecution against current and former Wells Fargo employees. The settlement with the Justice Department and Securities and Exchange Commission, years in the making, resolves Wells Fargo’s criminal and civil liabilities for the fake-accounts scandal that erupted nearly four years ago. ![]() Wells Fargo was hit with a $3 billion fine Friday by federal authorities outraged by the millions of fake accounts created at the troubled bank over many years. ![]()
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