Wells Fargo fined $185 million for creating 2 million fake bank accounts; Fires over 5,000 Employees

http://www.theverge.com/2016/9/9/12859740/wells-fargo-fake-account-scam-fine

Employees at Wells Fargo created millions of fake bank accounts and credit card numbers over the past five years, federal regulators announced this week, in an illegal bid to boost their sales figures. The bank was fined $185 million for the practices on Thursday, including a record $100 million by the Consumer Financial Protection Bureau (CFPB). Wells Fargo has fired at least 5,300 employees who were involved in the scam, according to The New York Times.
According to the regulators, employees created more than 2 million accounts that may not have been authorized by Wells Fargo customers, and covertly transferred funds to them from authorized accounts, racking up fees and other charges. They also created fake email accounts and PIN numbers to sign customers up for new accounts, most of which were unnoticed or closed shortly after opening. The scheme, which dates back to 2011, allowed employees to earn extra compensation and meet their sales targets.


Just another of wholesome Uncle Warren's squeaky-clean investments...