Securities Fraud Lawyers Blog
Last time we wrote about the Wells Fargo fake accounts scandal, the current figure of roughly 2 million customers affected had just been increased to nearly 3.5 million. What we saw was the uncovering of a scandal that was far more deep-seated than previously thought. Through the creation of unauthorized accounts for various consumer services, Wells Fargo had earned millions in fraudulent funds.
Apparently, its even worse than that.
A recent report shows that there appears to be an additional 1.4 million fake accounts, about 190,000 of which accrued fees. The additional accounts were uncovered by a third-party investigator hired by Wells Fargo to uncover the extent of the issue internally.
For their part, Wells Fargo is showing an effort to be forthcoming with all further information and discoveries. Whether this is a true commitment to make things right for their customer base or simply an effort to save face is up for debate.
While regulators see the effort as an attempt by the banking giant to begin making things right, consumers and investors are not so sure. After the announcement that additional accounts had been uncovered, Wells Fargo shares took a dip. Time will tell if Wells Fargo remains committed to regaining consumer confidence.
Here are the current figures related to customers affected by the fake accounts scandal along with penalties and reparations to which Wells has agreed to pay.
Wells Fargo Fake Accounts Scandal: By the Numbers
$185 million in fines and penalties to regulators
$6.1 million in credits and refunds
$910,000 in refunds for unauthorized online bill pay fees
Investor Resources
You can find out more info about the Wells Fargo fake accounts scandal here. If you believe you have been negatively affected by fake or unauthorized accounts, contact our team. You may have loss-recovery options.
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