# Wells Fargo fined $3 billion for  fake accounts

**URL:** <https://boards.straightdope.com/t/wells-fargo-fined-3-billion-for-fake-accounts/848351>\
**Category:** Miscellaneous and Personal Stuff I Must Share\
**Created:** [February 22, 2020, 3:55pm UTC](https://boards.straightdope.com/t/wells-fargo-fined-3-billion-for-fake-accounts/848351 "2020-02-22T15:55:10Z")\
**Posts on this page:** 7\
**Page:** 1

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**Author:** ![Bijou\_Drains](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bijou_drains/32/2814_2.png) [@Bijou\_Drains](https://boards.straightdope.com/u/Bijou_Drains)\
**Post date:** [February 22, 2020, 3:55pm UTC](https://boards.straightdope.com/t/wells-fargo-fined-3-billion-for-fake-accounts/848351/1 "2020-02-22T15:55:10Z")

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and people might go to jail over this

> **[US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts...](https://www.wral.com/us-government-fines-wells-fargo-3-billion-for-its-staggering-fake-accounts-scandal/18967521/)**
>
> Wells Fargo was hit with a $3 billion fine Friday by federal authorities outraged by the millions of fake accounts created at the troubled bank over many years.

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**Author:** ![MeanJoe](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/meanjoe/32/5693_2.png) [@MeanJoe](https://boards.straightdope.com/u/MeanJoe)\
**Post date:** [February 22, 2020, 4:53pm UTC](https://boards.straightdope.com/t/wells-fargo-fined-3-billion-for-fake-accounts/848351/2 "2020-02-22T16:53:00Z")

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I know someone professionally who was an executive there and it looks like they will be going to jail.

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**Author:** ![Loach](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/loach/32/350_2.png) [@Loach](https://boards.straightdope.com/u/Loach)\
**Post date:** [February 22, 2020, 5:36pm UTC](https://boards.straightdope.com/t/wells-fargo-fined-3-billion-for-fake-accounts/848351/3 "2020-02-22T17:36:49Z")

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If someone was effected by this would they 100% know about by now? I’ve never had a regular bank account there but several loans have been financed through them.

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**Author:** ![Bijou\_Drains](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bijou_drains/32/2814_2.png) [@Bijou\_Drains](https://boards.straightdope.com/u/Bijou_Drains)\
**Post date:** [February 22, 2020, 5:41pm UTC](https://boards.straightdope.com/t/wells-fargo-fined-3-billion-for-fake-accounts/848351/4 "2020-02-22T17:41:01Z")

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I think anyone who did business with them were potential victims

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**Author:** ![dropzone](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dropzone/32/7515_2.png) [@dropzone](https://boards.straightdope.com/u/dropzone)\
**Post date:** [February 22, 2020, 6:10pm UTC](https://boards.straightdope.com/t/wells-fargo-fined-3-billion-for-fake-accounts/848351/5 "2020-02-22T18:10:48Z")

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I was trying to telesell banking services for another bank and was told I couldn’t laugh when somebody said they were currently with Wells Fargo. It was like I had one hand tied.

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**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\
**Post date:** [February 22, 2020, 6:51pm UTC](https://boards.straightdope.com/t/wells-fargo-fined-3-billion-for-fake-accounts/848351/6 "2020-02-22T18:51:03Z")

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> [@MeanJoe](#):
>
> I know someone professionally who was an executive there and it looks like they will be going to jail.

I’m glad _someone_ is going to jail. Yes, they’ve paid something like $18 billion in fines, have had their business constrained by the authorities (so they can’t grow) and had no movement in their stock price while the other big banks have seen their stock doubling. But I’m also glad some people are going to serve time.

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**Author:** ![Senegoid](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/senegoid/32/6606_2.png) [@Senegoid](https://boards.straightdope.com/u/Senegoid)\
**Post date:** [February 22, 2020, 7:42pm UTC](https://boards.straightdope.com/t/wells-fargo-fined-3-billion-for-fake-accounts/848351/7 "2020-02-22T19:42:14Z")

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The article I read noted that this settlement covers _only_ the bogus accounts they opened and related fallout from that.

It does not cover anything having to do with the housing crisis, the fraudulent mortgages, the forged robo-signed documents, the people getting fraudulently foreclosed and losing their homes, and all the sleazy auto loans and the cars that got repossessed. That’s all still to come, apparently.