Wells Fargo to pay $3B to resolve fake account scandal
By 
Jaclyn Jaeger2020-02-21T21:55:00
The Department of Justice and Securities and Exchange Commission on Friday assessed total civil and criminal penalties of $3 billion against Wells Fargo & Co. and its subsidiary, Wells Fargo Bank, in the aftermath of its fake account scandal.
Related articles
-
News BriefEx-Wells Fargo exec dodges prison for fake accounts role
Carrie Tolstedt, the former head of Wells Fargo’s community bank who pleaded guilty to obstructing justice regarding her role in the bank’s infamous fake accounts scandal, will not serve prison time.
-
News BriefEx-Wells Fargo exec fined $17M for role in fake accounts scandal
Carrie Tolstedt, the former head of Wells Fargo’s community bank, will pay a $17 million fine issued by the Office of the Comptroller of the Currency for her role in the bank’s fake accounts scandal.
-
ArticleSenators demand answers from U.S. Bank on fake accounts scandal
Democratic senators are calling on U.S. Bank to answer questions before a Senate committee regarding an alleged fake accounts scandal the bank recently paid $37.5 million to settle.
More from Regulatory Enforcement
-
PremiumAssessing the impact of the DOJ’s monitorship policy six months in
It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
-
News BriefBinance’s Changpeng Zhao receives presidential pardon from Trump
The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
-
ArticleOCC drops $10M fine against former Wells Fargo risk officer fingered in “fake accounts” scandal
A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.