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Wells Fargo fined $185m for fake bank account scam

September 9, 2016

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Fake it until you make it… unless you get caught. Employees at Wells Fargo have been found guilty of creating millions of fake bank accounts and credit card numbers over the past five years, as an unsubtle attempt to boost sales figures.

For this illegal activity, the bank has been fined $185 million, including a record $100 million by the Consumer Financial Protection Bureau (CFPB). Wells Fargo has also fired at least 5,300 employees who were involved in the shady deals, according to The New York Times.

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