March 27: Federal agency accuses Wells Fargo of "egregious," "discriminatory and illegal" practices. The employees either worked or used to work in Wells Fargo's community banking division, which is at the center of the fake account scandal. ![]() The bank says there are signs it retaliated against workers who tried to blow the whistle on the fake accounts.įebruary 20: Four senior bank employees are fired. January 23: Wells Fargo acknowledges potential worker retaliation. The bank is dinged for failing to comply with certain provisions of Dodd-Frank, the post-2008 law meant to better regulate big banks and protect consumers. A new public filing from the bank discloses that the Securities and Exchange Commission is investigating the bank for issues related to the creation of as many as 2 million fake accounts.ĭecember 13: Wells Fargo is punished by federal regulators for actions unrelated to the fake accounts. The company announces he will retire effective immediately. October 5: California's attorney general opens an investigation into possible identity fraud related to the fake accounts scandal. Before lawmakers on Capitol Hill, CEO John Stumpf is accused of running " a criminal enterprise." Wells Fargo employees blamed their bosses for effectively encouraging fake accounts. September 29: Wells Fargo promises to abandon unrealistic sales goals. The company apologizes and commits to refunds. The DOJ claims the bank took 413 cars without a court order, which violates federal law. The company agrees to pay $24 million to settle charges. September 28: Wells Fargo is accused of illegally repossessing service members' cars. Carrie Tolstedt, who headed the division that created the fake accounts, steps down and forfeits some pay. The first major executive leaves the company over the scandal. Stumpf says he will give up much of his 2016 salary, including a bonus and $41 million in stock awards. September 27: Wells Fargo CEO John Stumpf forfeits pay. September 14: A government official tells CNN the Department of Justice has issued subpoenas in a probe related to the fake account scandal. Wells Fargo says 5,300 employees were fired for related reasons. ![]() ![]() The bank is hit with a $185 million fine. Federal regulators reveal Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts without their customers knowing it. September 8: Fake account scandal breaks wide open.
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