Violation Tracker Individual Record

Company: 
Wells Fargo & Company
Current Parent Company: 
Wells Fargo
Penalty: 
$65,000,000
Year: 
2018
Date: 
October 22, 2018
Primary Offense: 
investor protection violation
Violation Description: 

The New York Attorney announced that Wells Fargo & Company agreed to pay a $65 million penalty to resolve allegations that the bank made fraudulent statements to investors in connection with its cross-sell business model, related sales practices, and the bank's publicly reported cross-sell metrics.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Attorney General
Civil or Criminal Case: 
civil
Private Lawsuit Resolution Type: 
settlement
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.