Wells Fargo Had Over 2 Million Phony Accounts

Massive banks continue to get hit with regulatory fines regarding unethical behavior in the West, another reason why some public institutional investors are weary of putting up significant amounts of capital towards them. Rate fixing, mortgage-backed security fraud, rogue traders, insider trading – the list goes on. The U.S. Consumer Financial Protection Bureau (CFPB) have uncovered that Wells Fargo employees stealthy created over 2 million unauthorized bank and credit card accounts since 2011 – without their customers even knowing about it. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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