Wells Fargo Faces $4M Penalty for Sales Scam
Wells Fargo Bank is facing a penalty for reportedly scamming its clients again.
This time, the Security and Exchange Commission says the bank took advantage of its brokerage clients holding market-link investments.
But officials say Wells Fargo improperly pushed clients to sell early.
That means the bank racked up extra money from fees.
They now face a four-million dollar fine and must pay back the profits that were wrongfully earned.
Previously, the bank admitted to opening fake accounts, charging car buyers for insurance they didn’t need and charging home buyers for mortgage fees they didn’t deserve.