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News: Wells Fargo to pay $3 billion settlement in criminal and civil investigations over its fraudulent sales practices

The banking firm Wells Fargo has confessed its involvement in frivolous malpractices in sales, and it will be paying $3 billion settlement to the Justice Department and the Securities and Exchange Commission corresponding to its fake-account scandal, according to the U.S. Attorney's Office.

In an interview earlier last week, the U.S Attorney Nick Hanna said, "This case illustrates a complete failure of leadership at multiple levels within the bank," she further added, “Simply put, Wells Fargo traded its hard-earned reputation for short-term profits, and harmed untold numbers of customers along the way.”