Wells Fargo Fined $185 Million For Creating Over 1 Million Fake Accounts
September 9, 2016
Wells Fargo was fined a total of $185 million by California and federal regulators Thursday for allegedly opening millions of unauthorized accounts for customers in order to meet its aggressive sales goals.
Employees, since 2011, had created millions of fake bank and credit card accounts without the customer’s knowledge. This resulted in the bank earning unwarranted fees not to mention employees boosting their sales figures and consequently earning higher pay checks.