The US fined Wells Fargo Bank $500 million for misleading investors as part of an overall $3 billion settlement with regulators over a scandal in which employees secretly opened multiple accounts without customers' knowledge to meet aggressive sales goals, the Securities and Exchange Commission (SEC) announced in a press release
WASHINGTON (Pakistan Point News / Sputnik - 22nd February, 2020) The US fined Wells Fargo Bank $500 million for misleading investors as part of an overall $3 billion settlement with regulators over a scandal in which employees secretly opened multiple accounts without customers' knowledge to meet aggressive sales goals, the Securities and Exchange Commission (SEC) announced in a press release.
"Between 2012 and 2016, Wells Fargo publicly touted to investors the success of its Community Bank's 'cross-sell' strategy... even though it was inflated by accounts and services that were unused, unneeded, or unauthorized," the release said on Friday.
