Tuesday 7 April 2020
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scmp - 2 month ago

Wells Fargo to pay US$3 billion to resolve fake accounts probe

Wells Fargo Co and one of its units will pay US$3 billion to resolve criminal and civil probes into years of fraudulent sales practices, US authorities said on Friday, wrapping up one of the last one major investigations looming over the bank.Wells Fargo and its North American subsidiary will pay the penalties to the US Justice Department and Securities and Exchange Commission and enter in a deferred prosecution agreement lasting three years, the department said.The bank admitted that it…

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