Wells Fargo to cough up $3bn in fines over fake-accounts scandal
23 February 2020 - 18:16
Washington — Wells Fargo & Co has agreed to pay $3bn to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts scandal, US officials say, wrapping up one of the last big investigations looming over the bank.
Wells Fargo will pay the penalties to the US justice department and Securities and Exchange Commission (SEC) and enter into a three-year deferred prosecution agreement during which the San Francisco-based bank will continue to co-operate with any ongoing government investigations, justice department officials said...
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