Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

California launches Wells Fargo criminal probe

Thursday, October 20, 2016 - 01:01

The California Attorney General has launched a criminal investigation into Wells Fargo over allegations it opened millions of unauthorized customer accounts and credit cards. Linda So reports.

▲ Hide Transcript

View Transcript

BROADCASTER: NO ACCESS. DIGITAL: NO ACCESS AUSTRALIA BROADCASTER WEBSITES. NO ACCESS ABC AMERICA, FOX, UNIVISION, TELEMUNDO, BBC AMERICA, NBC, OR THEIR DIGITAL/MOBILE PLATFORMS. NO ACCESS SAN FRANCISCO MEDIA MARKET WEBSITES.**~ Wells Fargo now facing a criminal investigation. The California Attorney General has launched a probe into the country's third-largest bank over allegations it committed felonies. The bank is accused of opening millions of unauthorized customer accounts and credit cards. SOUNDBITE: JOHN CHIANG, CALIFORNIA STATE TREASURER, SAYING: "They were a California based business with many California employees we're not trying to take them out of business we want them to do the right thing." The attorney general's office has issued a search warrant against the bank, seeking customer records and other documents. The probe is the latest setback for Wells Fargo in a growing scandal that led to the abrupt retirement of its CEO John Stumpf. SOUNDBITE: IADORIS CORDELL, LEGAL ANALYST, SAYING: "Wells Fargo will be held as example this is what you don't do this is what will happen if you go down this road." If the bank is found guilty, there will likely be a hefty payout. And If the investigation leads to any charges against individuals, it could mean prison time.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

California launches Wells Fargo criminal probe

Thursday, October 20, 2016 - 01:01