$3.00B
Involved
Wells Fargo Fake Accounts Scandal
🇺🇸
United States
fraud
Settled
Date Discovered
September 8, 2016
Organization
Wells Fargo
Victims
3,500,000
Perpetrators
Wells Fargo employees and management
Legal Outcome
Over $3 billion in fines and settlements. CEO John Stumpf resigned. Growth restrictions imposed.
Economic Impact
5,300 employees fired, reputational damage, Federal Reserve asset cap.
Regulatory Changes
Consumer Financial Protection Bureau actions, enhanced sales practice oversight.