Wells Fargo To Pay $3 Billion In Fake Accounts Scandal

The New York Daily News reports:

Wells Fargo will pay $3 billion to settle investigations into its long-running scam that had company employees opening millions of bogus bank accounts in order to meet unrealistic sales goals.

Since the fake-accounts scandal was revealed in 2016, the San Francisco-based bank has paid out billions in fines to state and federal regulators, reshuffled its board of directors and seen two CEOs and other top-level executives leave the company.

The payment will resolve criminal and civil liability from the fake accounts scandal, which took place between 2002 to 2016, the Department of Justice said in a statement. The fine includes a $500 million civil payment to the Securities and Exchange Commission, which will distribute those funds to investors who were hurt by the bank’s behavior.