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.
While the entirety of this fine is allocated to the government, Wells Fargo has promised to reimburse wrongly charged fees, attempt to correct damaged credit scores, among other corrective measures.
If you lost money with Wells Fargo or any bank, broker or brokerage firm, call us immediately to discuss your situation. We are here to attempt to recover your investment losses. NO RECOVERY, NO FEE! Costs are additional.
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