Wells Fargo Fined $35 Million for Unsafe Sales Practices

Wells Fargo was just fined $35 million by the Office the Comptroller of the Currency (OCC) today for allegations that the bank made unsafe or unsound sales practices. The bank was also ordered to make restitution to customers who were harmed by the unsound practices. These included the unauthorized opening of deposit or credit card accounts and the transfer of funds from authorized, existing accounts to unauthorized accounts. The bank also failed to develop and implement an effective an enterprise risk management program to detect and prevent the unsafe or unsound sales practices. For those customers who were harmed by Wells Fargo, we encourage you to call our Chicago-based securities law firm to speak to an attorney about your options of suing the bank for the unsafe and unsound sales practices. We may be able to help you recover your investment losses with Wells Fargo.

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