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Report: Former Wells Fargo execs under criminal probe over fake-account scandal

Several former Wells Fargo & Co. executives are being probed over a 2016 fake-account scandal and may face criminal charges shortly, American Banker reported Jan. 3, citing sources familiar with the situation.

In September 2016, Wells Fargo unit Wells Fargo Bank NA was fined $185 million by regulators for secretly opening more than 2 million unauthorized deposit and credit card accounts.

One source said prosecutors from the Department of Justice in California and North Carolina are conducting the federal criminal investigation, with the help of the Office of the Comptroller of the Currency and the U.S. Securities and Exchange Commission, according to the report.

The DOJ did not answer American Banker's emails requesting comment. An OCC spokesman told American Banker that the agency does not comment on supervisory matters related to specific banks or investigations of other agencies.

Spokespersons from the SEC and Wells Fargo also declined the daily's request for comment.