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Violation Tracker Individual Record

Company: Wells Fargo Bank, N.A.
Current Parent CompanyWells Fargo
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $72,600,000
Year: 2021
Date: September 27, 2021
Offense Group: financial offenses
Primary Offense: banking violation
Violation Description: Federal prosecutors settled a civil fraud lawsuit against Wells Fargo Bank, N.A. alleging that it violated the Financial Institutions Reform Recovery and Enforcement Act by fraudulently overcharging hundreds of commercial customers, many of them small and medium-sized businesses and federally-insured financial institutions, which used the bank's foreign exchange service. Specifically, the United States alleged that, from 2010 through 2017, Wells Fargo FX sales specialists defrauded 771 customers by systematically charging them higher markups on FX transactions than they represented the bank would charge, and concealing these overcharges through various misrepresentations and deceptive practices.
Level of Government: federal
Action Type: agency action
Agency: U.S. Attorney-Southern District of New York
Civil or Criminal Case: civil
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)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.