Federal Prosecutors Investigating Wells Fargo Over Sales Tactics
Federal prosecutors are in the early stages of an investigation into sales practices at Wells Fargo & Co. that led to the bank being hit last week with a $185 million fine, according to people familiar with the matter.
The investigation is being conducted by the U.S. Attorney’s Offices for the Southern District of New York and the Northern District of California, these people said. Prosecutors have yet to decide if any case, should they decide to pursue one, would be along civil or criminal lines, the people said.
Prosecutors have issued a subpoena to the bank for documents and materials, the people added.
A spokeswoman for Wells Fargo declined to comment. A spokesman for the Manhattan U.S. Attorney declined to comment. A spokesman for the U.S. Attorney for the Northern District of California wasn’t immediately available to comment.
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