Wells Fargo ordered to pay $185 million for fake accounts
According to the Consumer Financial Protection Bureau (CFPB), thousands of Wells Fargo employees opened the accounts in secret so they would get bonuses for hitting their sales targets.
More than 2 million deposit and credit card accounts may have been created without customer authorization.
Wells Fargo must pay $100 million to the CFPB — the largest fine ever levied by the federal consumer watchdog. It also will pay $50 million to the City and County of Los Angeles, along with a $35 million penalty to the Office of the Comptroller of the Currency.
It also must pay full restitution to all victims of the scheme. ■
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