Wells Fargo to pay $3B in fake-account scandal

National News
wells_fargo_mgn_640x360_80921B00-OVBJR_1543939559123.jpg

Wells Fargo was hit with a $3 billion fine Friday as punishment for creating millions of fake accounts over the years.

As part of the deal, Wells Fargo admitted that between 2002 and 2016, it falsified bank records, harmed the credit ratings of customers, unlawfully misused their personal information and wrongfully collected millions of dollars in fees and interest.

The settlement with the Justice Department and Securities and Exchange Commission resolves Wells Fargo’s criminal and civil liabilities for the scandal, which erupted nearly four years ago.

The deal does not protect current or former Wells Fargo employees from the threat of prosecution. It also doesn’t include the Labor Department., which launched a probe in 2016 into allegations that Wells Fargo committed wage theft and retaliated against whistleblowers.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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