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Violation Tracker Individual Record

Company: Wells Fargo Bank, National Association
Current Parent CompanyWells Fargo
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $34,500,000
Year: 2011
Date: December 8, 2011
Offense Group: financial offenses
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 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
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.