Wells Fargo is hit with a massive fine for its 'staggering' fake-accounts scandal [CNNMoney.com]
The Bank of New York Mellon Corporation (BK)
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Source: CNNMoney.com
US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal New York (CNN Business) Wells Fargo was hit with a $3 billion fine Friday by federal authorities outraged by the millions of fake accounts created at the troubled bank over many years. The settlement with the Justice Department and Securities and Exchange Commission, years in the making, resolves Wells Fargo's criminal and civil liabilities for the fake-accounts scandal that erupted nearly four years ago. The deal does not, however, remove the threat of prosecution against current and former Wells Fargo employees. Prosecutors slammed Wells Fargo for the "staggering size, scope and duration" of the unlawful conduct uncovered at one of America's largest and most powerful banks. As part of the deal, Wells Fargo admitted that between 2002 and 2016, it falsified bank records, harmed the credit ratings of customers, unlawfully misused their personal information and wrongfully collected millions of
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- BK's page on the SEC website