Wells Fargo Settles with Regulators Allegations of Risky Investments and Fake Accounts Scandal
This month Wells Fargo agreed to pay $3 billion to settle with the Securities and Exchange Commission and Department of Justice including $500 million that will be returned to investors for failing to disclose the cross-selling and fake accounts created by lower-level employees. Wells Fargo also agreed to pay $35 million to settle regulatory claims that its financial advisers recommended exchange-traded funds (ETFs) that move in the opposite direction of an index it tracks which were too risky for some clients. It previously paid $2.7 million for similar conduct in 2012 and said it woudl implement controls that the SEC found still weren’t sufficient. Andersen Sleater Sianni represents investors who have been defrauded like those harmed by Wells Fargo. Click here to read more about Wells Fargo's settlements.