Wells Fargo to pay $72.6M for foreign currency exchange fraud
By 
Jaclyn Jaeger2021-09-28T19:42:00
Wells Fargo Bank agreed to pay a total of approximately $72.6 million to resolve allegations it fraudulently overcharged hundreds of commercial customers who used the bank’s foreign exchange services.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleWells Fargo ordered to pay ex-manager $22M in SOX whistleblower case
Wells Fargo must pay more than $22 million to a former senior banking executive who alleged to the Occupational Safety and Health Administration they were retaliated against for blowing the whistle on financial misconduct.
-
ArticleFed Chair Powell: Wells Fargo asset cap will remain in place
Federal Reserve Chair Jerome Powell said Wells Fargo’s asset cap will remain in place until the bank has “comprehensively” fixed its governance and compliance deficiencies.
-
ArticleWells Fargo gives us another reason to doubt their culture comeback
While Wells Fargo ends up with yet another “Failed It” this week, we salute the principled Deutsche Bank whistleblower whose refusal to accept “dirty money” cost him everything.
More from Regulatory Enforcement
-
ArticleFalse Claims Act enforcement themes for 2026
The U.S. Department of Justice touted a record $6.8 billion in False Claims Act (FCA) recoveries in fiscal year 2025, much of that total stems from prior years’ cases and does not necessarily reflect the administration’s current enforcement direction.
-
ArticleFederal jury convicts former coal executive in Egypt-linked coal FCPA case
A former vice president of an American coal company was convicted by a federal jury for his part in an international bribery and money laundering scheme. The conviction represents an anomoly in the Trump administration’s handling of Foreign Corrupt Practices Act (FCPA) cases launched under former President Joe Biden.
-
ArticleU.K. financial regulator cuts cases to focus on investigations that achieve results
The U.K. financial regulator has dropped 100 investigations without action over the past three years, but compliance should expect a refocus of resources rather than a retreat from enforcement.