Wells Fargo To Pay $185M Fine For Fraudulent Sales Tactics

By Evan Weinberger (September 8, 2016, 12:25 PM EDT) -- Wells Fargo on Thursday was hit with $185 million in civil penalties after its aggressive cross-selling of financial products and employee performance targets resulted in thousands of unauthorized accounts being opened without consumers' knowledge.

Wells Fargo is facing $185 million in civil penalties from the CFPB, OCC and the city of Los Angeles over its aggressive cross-selling of financial products that resulted in unauthorized accounts being opened without consumers' knowledge. (Credit: AP) The Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the city of Los Angeles allege that employees at Wells Fargo & Co.'s banking unit tried...

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