OKLAHOMA CITY – After a scandal that showed that a popular bank opened millions of unauthorized accounts, an Oklahoma state leader is working to make sure customers who were affected by the fraudulent activity have been compensated.
Wells Fargo has been mired in a series of scandals in recent years that have cost the firm billions and left it facing a string of lawsuits and investigations.
In August of 2018, the Justice Department announced that Wells Fargo agreed to pay a $2.1 billion fine for issuing mortgage loans it knew contained incorrect income information. The government said the loans contributed to the 2008 financial crisis that crippled the global economy.
In June, Wells Fargo was accused by the federal Securities and Exchange Commission of using complex financial investments to take advantage of mom-and-pop investors. Wells Fargo, which neither admitted nor denied the SEC’s allegations, said at the time it “cooperated fully” with the SEC probe.
One of its most far-reaching scandals involved the creation of millions of fake accounts the company created for unsuspecting customers in order to boost its sales figures.
As a result, Wells Fargo agreed to a $575 million settlement to resolve claims that it violated state consumer protection laws.
Oklahoma Attorney General Mike Hunter announced that Wells Fargo has started a new program aimed at helping customers who have not been compensated. Oklahomans can check to see if they are eligible through the program’s website.
“One of the biggest concerns after the investigation was how to ensure every affected consumer is made whole,” Attorney General Hunter said. “I strongly encourage Oklahoma victims who have not yet received restitution to participate in this program in order to be properly compensated.”