Wells Fargo is under criminal investigation for identity theft by the state of California, the latest fallout from its fake account scandal.
California Attorney General Kamala Harris said in a warrant that there is probable cause to think the San Francisco-based bank committed felonies including identity theft and false impersonation.
Wells Fargo has drawn the ire of authorities for a practice in which employees opened more than 2 million fake bank and credit card accounts without customers’ approval in order to meet quotas.
The firm’s stock price has plummeted after it agreed to pay more than $185 million in fines and its CEO John Stumpf announced he will retire, albeit with a $134 million payday.
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