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21 September, 2016

Employees, customers blew whistle over Wells Fargo fraudulent bank accounts years ago

Calling into question why Wells Fargo was only recently fined $185 million for fraudulently opening more than 2 million accounts, the US Senate is now hearing reports that employees and customers blew the whistle on the Wall Street bank’s illegal activity several years ago.

After settling with regulators for $185 million over signing up its customers for more than 2 million accounts without their knowledge and subsequently charging them fees, Wells Fargo became the focus of a Senate Banking Committee hearing on Capitol Hill on Tuesday.

White-collar criminologist William Black told the Real News that the hard work exposing the bank’s practices was “done by the customers, by the employees and by Los Angeles County, that bought the suit in 2015, building on these whistleblowers.”

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