Wells Fargo Fined $185 Million Over Creation Of Fake Accounts For Bonuses

  • metta

    Posts: 39099

    Sep 09, 2016 1:30 AM GMT
    Wells Fargo Fined $185 Million Over Creation Of Fake Accounts For Bonuses

    "Thousands of Wells Fargo employees opened the accounts in secret so they would get bonuses for hitting their sales targets, according to investigators. More than 2 million deposit and credit card accounts may have been created without customer authorization."

    http://www.npr.org/sections/thetwo-way/2016/09/08/493130449/wells-fargo-to-pay-around-190-million-over-fake-accounts-that-sparked-bonuses
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    Sep 09, 2016 12:34 PM GMT
    This is simply outstanding. Like some people, I have a "relationship" with Wells Fargo's "Private Bank" so I suppose I was at risk. Fortunately, I'm not one of the victims of this fraud (at least according to my preliminary research), but this fraud should've never have happened. Wells Fargo will pay $185 million in penalties and $5 million to customers that regulators say were pushed into fee-generating accounts they never requested. I wonder how WF will recoup these penalties and customer refunds. I'm certain WF's customers will pay for those ultimately.