San Francisco-based Wells Fargo bank was fined a combined $185 million by California and federal regulators for allegedly opening more than 2 million bogus bank and credit card accounts without customer knowledge or authorization.
Reportedly, bank employees created debit card accounts, PIN numbers, and in some cases even fake email addresses to sign people up for additional banking services. As a result, 5,300 Wells Fargo employees were fired.
Reportedly, they were trying to meet the bank’s aggressive sales goals. The bank will pay restitution to affected customers.
