Wells Fargo, one of the largest U.S. financial services companies, has agreed to pay $3 billion to resolve the U.S. government’s investigations into fraudulent sales practices spanning over 15 years. The Wells Fargo fraud case involved the company forging customer signatures, moving money from millions of customer accounts to unauthorized accounts, and misusing customers’ sensitive personal information.
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Illegal Practices for Over 15 Years
The U.S. Department of Justice (DOJ) announced Friday that Wells Fargo has agreed to pay $3 billion to resolve criminal and civil investigations into fraudulent sales practices involving millions of customer accounts. The practices occurred between 2002 and 2016 when the company pressured its employees to meet unrealistic sales goals. The DOJ stated:
Wells Fargo admitted that it collected millions of dollars in fees and interest to which the company was not entitled, harmed the credit…