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Violation Tracker Individual Record

Company: Wells Fargo & Co.
Current Parent Company: Wells Fargo
Penalty: $500,000,000
Year: 2020
Date: February 21, 2020
Offense Group: financial offenses
Primary Offense: investor protection violation
Mega-Scandal: Bogus Bank Accounts
Violation Description: Wells Fargo agreed to pay $500 million to resolve allegations that it misled investors about the success of its core business strategy at a time when it was opening fake accounts for unknowing customers and selling unnecessary products that went unused. The $500 million payment was part of a combined $3 billion settlement with the Department of Justice (see separate entry).
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.