Regulators revealed in September 2016 that Wells Fargo employees, under pressure to meet aggressive sales quotas, had opened millions of unauthorized bank and credit card accounts in customers' names without their consent over several years. The bank paid a then-record 185 million dollar initial fine, later followed by billions more in additional settlements and a Federal Reserve-imposed asset cap, and CEO John Stumpf resigned amid Congressional hearings and public outrage over the scheme.
Facts
Event TypeFinancial fraud scandal 1 Cross-Tradition Connections
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