California launches criminal probe into Wells Fargo account scandal

[Eugene]

Source: Reuters

MONEY | Wed Oct 19, 2016 | 8:04pm EDT

California launches criminal probe into Wells Fargo account scandal

By Sarah N. Lynch | WASHINGTON

The California Attorney General's Office has launched a criminal investigation into Wells Fargo (WFC.N) over allegations it opened millions of unauthorized customer accounts and credit cards, according to a seizure warrant seen by Reuters.

Attorney General Kamala Harris authorized a seizure warrant against the bank that seeks customer records and other documents, saying there is probable cause to believe the bank committed felonies.

The probe marks the latest setback for the bank in a growing scandal that led to the abrupt retirement of its chief executive officer, monetary penalties, compensation clawbacks, lost business and damage to its reputation.

Wells Fargo spokesman Mark Folk did not immediately provide a comment in response to requests from Reuters, but was quoted in the Los Angeles Times as saying the bank is "cooperating in providing the requested information."

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Read more: http://www.reuters.com/article/us-wells-fargo-accounts-california-idUSKCN12J2O9

[RKP5637]

1. Some should do jail time for this. Far too often many get off with nothing but a fine that is

pennies on their dollars taken. So, WF goes after the little guys pressured to do it. I hope this is far from over.

[Oldem]

2. This is SUCH good news! It couldn't happen

to a finer breed of scoundrels. This and the news that Stumpf purjored himself before the Senate committee almost make up for the past gruesome year of the creep's crap.

[rurallib]

3. Kamala Harris

I believe she may be president in about 12 to 16 years