Wells Fargo to pay $3 billion settlement for violating antifraud rules, resolving fake account probes
Wells Fargo has agreed to pay $3 billion to settle claims related to its creation of millions of fake accounts to meet sales goals, including $500 million that will be returned to investors, the Securities and Exchange Commission said Friday.
From 2002 to 2016, Wells Fargo opened millions of financial accounts that were unauthorized or fraudulent. Wells Fargo also pressured customers to buy products they didn’t need, the SEC said. The company agreed to not commit the violations in the future and pay a $500 million civil penalty, which the SEC will distribute to investors.
Wells Fargo also said it has eliminated all product-based sales goals, restructured its compensation based on customer outcomes and strengthened customer consent and oversight systems.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Wells Fargo reportedly near settlements with SEC and DOJ over sales scandalWells Fargo is reportedly nearing settlements with the Securities and Exchange Commission and the Justice Department over its sales scandal.
Les mer »
Wells Fargo agrees to $3 billion settlement over fake accountsJUST IN: Wells Fargo agrees to $3 billion settlement over fake accounts. The bank has agreed to admit wrongdoing as part of the deal.
Les mer »
Wells Fargo to pay $3 billion to settle civil lawsuit over fake account scandalSince the fraud became public in 2016, the bank has faced a torrent of lawsuits.
Les mer »
Wells Fargo Reaches Settlement With Government Over Fake-Account ScandalWells Fargo will pay $3 billion to settle investigations by the Justice Department and the Securities and Exchange Commission over its long-running fake-account problems.
Les mer »
Wells Fargo to pay $3 billion over fake account scandalBREAKING: Wells Fargo to pay $3B to settle civil lawsuit over fake account scandal.
Les mer »