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Wells Fargo Ordered to Pay Largest Fine in Fed Reserve History

Mortgage News > Wells Fargo Ordered to Pay Largest Fine in Fed Reserve History
Date: 08/01/2011    Wells Fargo Ordered to Pay Largest Fine in Fed Reserve History

The Federal Reserve has found Wells Fargo responsible and is holding them accountable for providing falsifying documents and misrepresenting their clients.

Wells Fargo has been ordered to pay restitution in the amount of $85 million, the largest fine ever imposed by the Federal Reserve, to borrowers effected by such misrepresentation.

16 Wells Fargo employees may no longer work in the banking industry as a result of the investigation into possible fraud.

 

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