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Wells Fargo reaches $3 billion settlement with DOJ, SEC over fake-accounts scandal


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The $3 billion fine, which is about 15 percent of Wells Fargo’s $19.5 billion in profits last year, is among the largest corporate penalties handed down during the Trump administration but not a record.

Friday’s settlement, which includes a deferred prosecution agreement, does not cover any individual employees. No senior bank employees have been criminally charged.

 

https://www.washingtonpost.com/business/2020/02/21/wells-fargo-fake-accounts-settlement/?hpid=hp_hp-more-top-stories_wellsfargo418pm%3Ahomepage%2Fstory-ans

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6 minutes ago, leftwinger said:

 

Friday’s settlement, which includes a deferred prosecution agreement, does not cover any individual employees. No senior bank employees have been criminally charged.

 

 

What are the conditions under the DPA?

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"The bank still faces significant regulatory hurdles. The Federal Reserve has banned Wells Fargo, which has nearly $2 trillion in assets, from growing any bigger until it fixes its systemic cultural issues, and the Office of the Comptroller of the Currency (OCC) has indicated it is unhappy with the bank’s progress in addressing its problems.

 

Last month, the OCC went further, taking the rare step of filing cases against specific Wells Fargo employees. It banned former chief executive John Stumpf from working in banking again and fined him $17.5 million, and filed civil cases against five other employees, including Carrie Tolstedt, the former head of community banking. It is seeking a $25 million fine from Tolstedt."

 

 

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