Justice Department announces $3 billion settlement with Wells Fargo

Over 15 years, Wells Fargo employees made 2 million fake accounts, and the government said $500 million of the settlement will go to investors.
1:27 | 02/22/20

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Transcript for Justice Department announces $3 billion settlement with Wells Fargo
Now to buy the numbers are look at the numbers behind it news. Today the Justice Department announced a major three billion dollars settlement with Wells Fargo. Over the creation of fake it counts the DOJ and SEC carried out both criminal and civil investigations. They found that over fifteen years between 2002 in 2016. Wells Fargo pressured its employees to meet unrealistic sales goals. Well that led to the fraudulent opening of millions of accounts without the permission of customers. As many as two million fake accounts were created by Wells Fargo employees who created. False records and forged customers' signatures. In order to open unauthorized checking and savings accounts and well that led to the bank collecting millions of dollars in fees and interest. Under the three year deferred prosecution agreement. The bank will not be prosecuted if it meets certain conditions and continues to cooperate in ongoing investigations. The three billion dollar settlement includes a up 500 million dollar civil penalty to be distributed to its investors and just last month former Wells Fargo executives. Faced separate punishments in the sales scam including a seventeen point five million dollar settlement paid by the former CEO John stop. Some 5300. Wells Fargo bankers were fired when the scheme was uncovered in 2016.

This transcript has been automatically generated and may not be 100% accurate.

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