![]() Whistleblower and wage theft complaints: The Department of Labor said in late September it's reviewing whistleblower complaints against Wells Fargo. Related: Fed official likens Wells Fargo fraud to mortgage crisis The SEC could also be weighing whether Wells Fargo committed securities fraud when it stayed silent about the CFPB probe into the fake accounts for at least six months. She cited CNNMoney's reporting about employees who say they were fired after calling the bank's confidential ethics hotline. Senator Elizabeth Warren asked the SEC to investigate whether Wells Fargo violated federal whistleblower protection laws. SEC: Wells Fargo has confirmed that the SEC is also probing, though the bank's filings don't explain what, other than "sales practices," the agency is looking into. The DOJ declined to comment, citing its policy to neither confirm nor deny the existence of investigations. attorneys' offices are investigating and subpoenas were issued, a U.S. The bank confirmed in a filing that the DOJ is looking into the scandal. The investigation may result in additional disciplinary action against former or current employees, and could also be used as ammo for the other probes that are still going on.ĭepartment of Justice: Wells Fargo is also grappling with the threat of potential criminal charges from the federal government. The board has promised the investigation will "follow the facts wherever they lead" and to make the findings public. Independent Wells Fargo board investigation: The most immediate and potentially-damaging of these probes is the independent board investigation expected to conclude before the April 25 shareholder meeting. ![]() In a statement to CNNMoney, a Wells Fargo spokesman said the bank is "committed to restoring trust with customers and all of its key stakeholders." He pointed to major changes, including scrapping the sales goals, hiring Tim Sloan as its new CEO and stripping top execs of their 2016 bonuses.īut Wells Fargo still faces more than a dozen other probes, inquiries and lawsuits linked to the scandal, many of which were disclosed in recent SEC filings. Related: Wells Fargo fails community lending test Citing a desire to "move forward and avoid continued litigation," Wells Fargo dropped previous efforts to kill customer lawsuits by forcing arbitration. ![]() Just this week, Wells Fargo sought to remove at least one question mark by reaching a $110 million preliminary class action settlement to compensate impacted customers. ![]()
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