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SEC vs Wells Fargo

The United States Securities and Exchange CommissionThe United States Securities and Exchange Commission started investigation in possible violation of rules by Wells Fargo and Co. The Wall Street Journal says that the company didn’t unveil the information for its investors about recent mortgage fraud manipulations.

SEC has been sending several enquires to Wells Fargo during last week, especially after several calls from senators.

Consumer Financial Protection Bureau и Office of the Comptroller of the Currency and prosecutor’s office in Los Angeles has told about justifying settlement with Wells Fargo. It was about 2 million accounts opened by the company on the names of customers which were not notified properly. It costed to Wells Fargo around 190 million of dollars.

The Bank and its former employees were pleaded guilty. California, Illinois and some other states declined further cooperation with Wells Fargo.

Afterwards senator from Massachusetts Elizabeth Warren has called the CEO John Stumpf to quit. And on the 13th of October Wells Fargo announced that CEo was retired officially.