More Woes for Wells Fargo

More Woes for Wells Fargo
Kamala Harris

Kamala Harris

San Francisco, CA

The California Department of Justice has launched a criminal investigation into Wells Fargo Bank. 

The investigation is aimed at determining whether the institution’s questionable sales practices, which came under intense scrutiny and national criticism in recent weeks, purportedly placed so much pressure on bank employees that it resulted in identity theft of bank clients’ information to open new accounts and credit cards without their authorization. 

Los Angeles Times broke the story that on October 5, the state Attorney General’s office presented bank officials with a search warrant in quest of evidence related to allegations that more than two million bank and credit card accounts were established by bank employees for bank customers without their approval. 

The Attorney General not only sought the names of the customers impacted by the alleged activities; but also, the names of the employees responsible for opening the accounts, their supervisors’ identities and the amount of any fees associated with the process. 

Wells Fargo has agreed to provide the documentation requested.

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