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Wells Fargo will pay $185 million in fines after it was caught illegally manipulating customers’ bank accounts in order to rack up fees and other charges. The Consumer Financial Protection Bureau found Wells Fargo employees secretly opened phony bank accounts and issued credit cards to customers who did not want them. These practices led to overdraft charges, late fees and other penalties. The bank has fired at least 5,300 employees involved in the illegal activity.

Continue reading:  Wells Fargo Fined $185 Million for Creating Phony Accounts and Credit Cards

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4 thoughts on “Wells Fargo Fined $185 Million for Creating Phony Accounts and Credit Cards

  1. Paying a fine excuses the crime? I wonder what was the corporate rank of those people who were fired. Also, the top of the corporate power structure was apparently found blameless and unaccountable for the deeds of those acting under their authority. how much of that admittedly large fine (by human standards) is any more than a tax deduction for the corporation? Who gets that money and how is it spent?

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