image credit: Unsplash

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

February 25, 2020

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 create millions of fake accounts using forged and fraudulent customer signatures.

Read More on Banking Technology