TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer said the Federal Reserve's move to require Wells Fargo (WFC) to replace various board members sends a very strong message.

"It basically says, if you conned people, you will have to pay," Cramer said. 

Want more exclusive investing insight from Jim Cramer? Get 24/7 access to Jim's charitable trust portfolio with a free trial to Action Alerts PLUS!

More from Video

Jim Cramer's Investing Rule 16: Never Subsidize Losers With Winners

Jim Cramer's Investing Rule 16: Never Subsidize Losers With Winners

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s

Who Is Right: AT&T's CEO or People Obsessed With Netflix Stock?

Who Is Right: AT&T's CEO or People Obsessed With Netflix Stock?

Big Banks Pass the Stress Tests and 4 Other Stories to Watch Friday Morning

Big Banks Pass the Stress Tests and 4 Other Stories to Watch Friday Morning

Stock Market Just Took Another Beating -- Here's What You Need to Know

Stock Market Just Took Another Beating -- Here's What You Need to Know