Violation Tracker Individual Record

Company: 
Wells Fargo Bank, National Association
Current Parent Company: 
Wells Fargo
Penalty: 
$34,500,000
Year: 
2011
Date: 
December 8, 2011
Primary Offense: 
banking violation
Violation Description: 

The Office of the Comptroller of the Currency assessed a civil money penalty of $20 million against Wells Fargo Bank, N.A. and required it to pay more than $14.5 million in restitution for the involvement of the bank's predecessor institutions, Wachovia Bank N.A. and First Union National Bank in an alleged bid rigging scheme involving the marketing and sale of certain derivative financial products to various municipalities and Section 501(c)(3) organizations harmed by the predecessor banks' misconduct during the period 1997-2006.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Office of the Comptroller of the Currency
Civil or Criminal Case: 
civil
Facility State: 
South Dakota
Facility City: 
Sioux Falls
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.