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Violation Tracker Individual Record

Company: Wachovia Bank, National Association
Current Parent Company: Wells Fargo
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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Penalty: $168,900,000
Year: 2008
Date: April 25, 2008
Offense Group: financial offenses
Primary Offense: banking violation
Violation Description: The Office of the Comptroller of the Currency entered into a settlement agreement with Wachovia Bank requiring it to make restitution to consumers harmed by its relationships with several telemarketers and third party payment processors. The bank agreed to pay a penalty of $10 million, provide $8.9 million for consumer education programs directed at the elderly, and provide restitution to customers in an amount originally estimated at a maximum of $125 million but later set at $150 million ((click here)).
Level of Government: federal
Action Type: agency action
Agency: Office of the Comptroller of the Currency
Civil or Criminal Case: civil
Case ID: AA-EC-08-13
Facility State: North Carolina
Facility City: Charlotte
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.