Los Angeles, CA
The Justice Department launched an investigation into inappropriate sales practices by Wells Fargo & Co.
The San Francisco based institution has agreed to a $185-million-dollar settlement; however, reports also indicate the investigation could lead to criminal charges.
Aggressive sales goals reportedly drove thousands of Wells Fargo employees to open as many as two million bank accounts that customers never wanted—an egregious breach of trust. The bank employees allegedly used customers’ private information to open the accounts without their permission. In addition to the financial settlement offer, bank officials issued a public apology.