The third largest US Bank that has more than $2 trillion in assets- Well Frago is in our crypto news today for the obligation to pay up to $575 million settlement after investigations show that the bank scammed its clients for nearly 15 years.
Wells Fargo pointed out a few months ago that Bitcoin is too risky as an investment but ironically ends up paying huge fines. After the federal investigations, the bank admitted that employees opened hundreds of unauthorized credit card accounts and bank accounts since 2002 until 2017.
The bank proceeded to illegally charge its clients for financial services and products that the customers never purchased such as life insurance policies. The employees claimed that they were afraid of losing their jobs and that is why they continued the fraud.
Wells Fargo has to open a consumer restitution review program in order to check for people that were illegally charged for a service. John G. Stumpf the bank’s CEO resigned back in 2016 after the fraudulent scheme was discovered.
The Securities and Exchange Commission is still conducting investigations for Wells Fargo and so does the Department of Justice and Department of Labor.
Ironically, Wells Fargo banned its customers earlier this year from using their credit cards to buy cryptocurrencies just as the bear market strengthened.
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The bank claimed that there are too many risks associated with Bitcoin:
“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency,” a bank rep said in a statement. “We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment.”
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