Well Fargo Fined Over Non-Consensual Account Openings

Infamous fiat institution Wells Fargo bank has been fined over $100 million USD by The Consumer Financial Protection Bureau for "the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts." The bank stands accused of allowing thousands of employees to open more than 2 million unauthorized deposit and credit accounts in secret, in order to hit sales targets, according to investigators. Fines and penalties imposed in the case total $185 million USD, with an additional $5 million being required to be paid as restitution to affected customers. Wells Fargo officials said managers and employees involved in the scheme had been fired, and that $2.6 million dollars in customer fees collected as a result of the deceptive activities has been refunded. Wells Fargo & Co is the fourth largest U.S. bank by assets, and the U.S. Treasury still holds warrants to buy about 110 million shares related to the 2008 financial crisis and bailout.

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