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Violation Tracker Individual Record

Company: Wells Fargo
Current Parent Company: Wells Fargo
Penalty: $1,400,000,000
Year: 2009
Date: November 18, 2009
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: toxic securities abuses
Mega-Scandal: Toxic Securities
Violation Description: The California Attorney General announced a $1.4 billion settlement with three Wells Fargo affiliates to pay back investors, charities and small businesses that purchased auction-rate securities based on misleading advice.
Level of Government: state
Action Type: agency action
Agency: California Attorney General
Civil or Criminal Case: civil
Facility State: California
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.