Wells Fargo is catching even more heat for alleged bad behavior, this time from the powerful SEC.
The Securities and Exchange Commission’s investigation was revealed by Wells Fargo in a regulatory filing Thursday. It joins an increasingly-long list of government agencies probing Wells Fargo (creation of as many as 2 million fake accounts between 2011 and 2015.) for issues related to the
The fake account mess, combined with ongoing scrutiny of Wells Fargo’s mortgage tactics, has forced the bank to ramp up its legal defense fund. Walls Fargo warned investors that in a worst-case scenario, its litigation losses could be $1.7 billion “in excess of” what it’s already set aside. That’s up from an estimate of $1 billion as of August.