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Wells Fargo Fake Acconut Scandal Wells_Fargo_Logo_(2020), Government…
Wells Fargo Fake Acconut Scandal
Legal Forces
City & County of Los Angeles
Wells Fargo paid $50 million to the City and County of Los Angeles
The City of Los Angeles brought the first Lawsuit against Wells Fargo regarding the matter in 2015
U.S. Department of Justice (DOJ)
Wells Fargo Agreed to Pay $3 Billion to Settle Criminal Charges and Civil Action for Customer Ill-Treatment
Office of the Comptroller of the Currency (OCC)
Wells Fargo paid $35 Million to the OCC
OCC Fined Former Executives John G. Stumpf $17.5 Million and Carrie L. Tolstedt is questioning to $25 Million fine. Stumpf was also Banned from the Banking Industry
Two Other Past Executives Settled with the OCC to pay $3.5 Million Combined
Five Other Past Executives are Challenging the OCC's Penalties in Public Hearings
U.S. Department of Labor
Wells Fargo to pay $7.8 million in back wages for discrimination against black applicants
Bureau of Consumer Financial Protection (CFPB)
Investigated the extent to which customers were affected by bank practices of freezing and closing accounts after signs of fraud
Fined Wells Fargo $185 Million for Illegally Opening Fraudulent Accounts
Federal Reserve
Penalized Wells Fargo by restricting the bank from growing until the Fed approves a remedial plan
Securities & Exchange Commission (SEC)
Charged former CEO, John Stumpf, for misleading investors regarding the Scandal
Fined Wells Fargo $500 Million for Deceiving Investors About Bank's Success Strategy
Environmental Forces
Social Forces
Political Forces
Technological Forces
Economic Forces
Government Regulators
Government Regulators
