Scope of Wells Fargo Scandal Widens

Wells Fargo created fraudulent accounts for small business owners as well as consumers.

Author:: Tony Owusu
Publish date:: Oct 5, 2016 12:45 PM EDT

The scope of Wells Fargo's (WFC) - Get Report fraudulent account scandal spread after documents reviewed by Reuters revealed a letter by U.S. Senate banking committee member Sen. David Vitter saying the bank's fraudulent activity may have also affected small business owners in addition to consumers. Wells Fargo was fined $185 million by regulators for the scheme and the stock has fallen by 13% over the last month.

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