Wells Fargo May Face Criminal Charges

Posted by wadmin on Wednesday, October 19, 2016

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Wells Fargo has come under scrutiny after allegations that they opened millions of unauthorized bank accounts and credit cards under customers names. The state of California has put them in a criminal investigation after they seized records of the company’s dealings via a search warrant. 

The California Attorney General’s Office has launched a criminal investigation into Wells Fargo over allegations it opened millions of unauthorized customer accounts and credit cards, according to a seizure warrant seen by Reuters.

The Los Angeles Times, which said it obtained the warrant with a Freedom of Information Act request, has posted the document here.

In it, Attorney General Kamala Harris says she authorized a seizure warrant against the bank seeking customer records and other documents. Harris said there is probable cause to believe the bank committed felonies. It is very rare for banks and financial firms to be charged with criminal conduct. Some have worried that a criminal indictment, because of debt covenants, could put a bank out of business.

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SRC: http://fortune.com/2016/10/19/california-is-considering-criminal-charges-against-wells-fargo/?iid=leftrail

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