California Suspending Business Ties With Wells Fargo Following Fraud Admissions

SACRAMENTO (CBS13) — California is suspend business ties with Wells Fargo over admissions its employees opened millions of fake consumer accounts, the state treasurer’s office announced on Wednesday.

RELATED: Bank At Wells Fargo? You’ll Want To Do These 4 Things Soon

Treasurer John Chiang ordered the suspension of the company’s participation in relationships with the state.

Those include investments by the treasurer’s office in Wells Fargo securities, using Wells Fargo as a broker-dealer for purchasing treasurer’s office investments, and having the company be a managing underwriter in the sale of state bonds.

RELATED: Wells Fargo Fined $185 Million Over Improper Account Openings

The sanctions are expected to last for 12 months.

 

 

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