Wells Fargo Agrees To Pay $3 Billion Fine Over Fake Account Scandal

Wells Fargo was involved in a scandal where employees created fake accounts to boost sales. The bank settled with the DOJ and SCC, admitting to collecting unauthorized fees, harming credit ratings, and misusing personal information. A $3 billion fine was imposed, highlighting leadership failures. The DOJ agreed not to prosecute if Wells Fargo cooperates with investigations.

What actions did Wells Fargo employees take that led to the fake account scandal?

What did the DOJ state about the fees and interest collected by Wells Fargo?

What did US Attorney Nick Hanna say the case illustrated regarding leadership at Wells Fargo?

What was the total amount of the fine imposed on Wells Fargo as a result of the settlement?

What conditions were set by the DOJ regarding the criminal prosecution of Wells Fargo?