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Wells Fargo

Wells Fargo & Co and its subsidiary Wells Fargo Bank, N.A, have escaped prosecution, at least for the time being, by agreeing to hand over USD3,000 million to various agencies and departments of the US Government. It all started when the company decided it needed more account holders. Normal banks advertise or put young people on the streets with flyers. Wells Fargo had a different and shorter route - it would just create accounts for people, even if they hadn't asked for them. And that's not the full extent of what the bank is paying.

BIScom Subsection: 

There are some things that beggar belief and if FINRA is right, then the conduct of Wells Fargo bank is a cause for major concern, not just for the bank but for all banks that do business with it.

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