Wells Fargo To Pay 3 Billion Dollar Fine Over Fake Accounts Fraud
The Justice Department’s criminal prosecution finally ended and resulted in Wells Fargo agreeing to pay a $3,000,000,000 (Billion) dollar fine for their fraudulent activity.
Wells Fargo bank employees allegedly opened millions of savings and checking accounts in the name of actual customers without their consent or knowledge. According to the Justice Department, apparently, the bank employees were under significant pressure to meet high quotas and resorted to this sort of activity for over a decade.
Executive upper management was not only aware of what was going on but allegedly made attempts to hide the fake accounts from customers by forging signatures and preventing uninvolved Wells Fargo employees from contacting certain customers for surveys.