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Wells Fargo to Pay $500 Million to Harmed Investors
Summary: After being charged by the Securities and Exchange Commission (SEC) for opening fake accounts for unaware customers, Wells Fargo agreed to pay $500 million to investors, according to the latest press release. The court orders stated, from 2002 to 2016, Wells Fargo opened millions of unauthorized or fraudulent accounts; they also misled customers to acquire ...
After being charged by the Securities and Exchange Commission (SEC) for opening fake accounts for unaware customers, Wells Fargo agreed to pay $500 million to investors, according to the latest press release.
The court orders stated, from 2002 to 2016, Wells Fargo opened millions of unauthorized or fraudulent accounts; they also misled customers to acquire unnecessary purchases. Wells Fargo violated the antifraud provisions of the SEC, for that reason they will pay off a civil penalty of $500 million.
By Claudia Rivera
Tags: civil penalty,Press Release,SEC,Wells Fargo
Link: Wells Fargo to Pay $500 Million to Harmed Investors [Copy]
