Wells Fargo fined $185 million over phony accounts

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Wells Fargo fined $185 million over phony accounts

Wells Fargo fined 5 million over phony accounts

California and federal regulators fined Wells Fargo a combined 5 million on Thursday, alleging the bank's employees illegally opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals.

The San Francisco-based bank will pay $100 million to the Consumer Financial Protection Bureau, a federal agency created five years ago; $35 million to the ****** of the Comptroller of the Currency and $50 million to the City and County of Los Angeles. It will also pay restitution to affected customers.

It is the largest fine the CFPB has levied against a financial institution and the largest fine in the history of the Los Angeles City Attorney's ******. Read more...

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