Wells Fargo to pay $3 billion in settling criminal and civil investigations into its fraudulent sales practices

Wells Fargo to pay $3 billion in settling criminal and civil investigations into its fraudulent sales practices

Wells Fargo will pay $3 billion in criminal and civil settlements with the Justice Department and the Securities and Exchange Commission over its fraudulent fake-account scandal, the U.S. Attorney’s Office said Friday.

“This case illustrates a complete failure of leadership at multiple levels within the bank,” said U.S. Attorney Nick Hanna. “Simply put, Wells Fargo traded its hard-earned…

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