Securities Fraud Lawyers Blog
Last time we wrote about the Wells Fargo fake accounts scandal, the current figure of roughly 2 million customers affected had just been increased to nearly 3.5 million. What we saw was the uncovering of a scandal that was far more deep-seated than previously thought. Through the creation of unauthorized accounts for various consumer services, Wells Fargo had earned millions in fraudulent funds.
Apparently, its even worse than that.
A recent report shows that there appears to be an additional 1.4 million fake accounts, about 190,000 of which accrued fees. The additional accounts were uncovered by a third-party investigator hired by Wells Fargo to uncover the extent of the issue internally.