Wells Fargo has agreed to pay back $3 billion to take care of prison and civil liabilities arising from its faux-accounts but its lawful troubles could be significantly from above.
The offer announced on Friday applies to a Department of Justice prison investigation of Wells Fargo for falsifying financial institution data and id theft and a Securities and Trade Fee civil investigation of the financial institution for disclosure violations.
Of the $3 billion in penalties, $500 million will go the SEC.
“This scenario illustrates a entire failure of management at multiple levels within the financial institution. Basically put, Wells Fargo