<P> While a coalition of organizations, National People's Action Campaign, have seen some success in pressuring Wells Fargo to divest from private prison companies like GEO Group, the company continues to make such investments . </P> <P> In 2015, an analyst at Wells Fargo settled an insider trading case with the SEC . The former employee was charged with insider trading alongside an ex-Wells Fargo trader . Sadis & Goldberg obtained a settlement that permitted the client to continue in securities industry, while neither admitting nor denying one charge of negligence - based § 17 (a) (3) claim, and paying a $75,000 civil penalty </P> <P> In September 2016, Wells Fargo was issued a combined total of $185 million in fines for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized . The Consumer Financial Protection Bureau issued $100 million in fines, the largest in the agency's five - year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency . The scandal was caused by an incentive - compensation program for employees to create new accounts . It led to the firing of nearly 5,300 employees and $5 million being set aside for customer refunds on fees for accounts the customers never wanted . Carrie Tolstedt, who headed the department, retired in July 2016 and received $124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package . On October 12, 2016, John Stumpf, the then Chairman and CEO, announced that he would be retiring amidst the controversies involving his company . It was announced by Wells Fargo that President and Chief Operating Officer Timothy J. Sloan would succeed, effective immediately . Following the scandal, applications for credit cards and checking accounts at the bank plummeted dramatically . In response to the event, the Better Business Bureau dropped accreditation of the bank, S&P Global Ratings lowered its outlook for Wells Fargo to negative from stable, and several states and cities across the US ended business relations with the company . An investigation by the Wells Fargo board of directors, the report of which was released in April 2017, primarily blamed Stumpf, whom it said had not responded to evidence of wrongdoing in the consumer services division, and Tolstedt, who was said to have knowingly set impossible sales goals and refused to respond when subordinates disagreed with them . The board chose to use a clawback clause in the retirement contracts of Stumpf and Tolstedt to recover $75 million worth of cash and stock from the former executives . </P> <P> In November 2016, Wells Fargo agreed to pay $50 million to settle a racketeering lawsuit in which the bank was accused of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans . While banks are allowed to charge homeowners for such appraisals, Wells Fargo frequently charged homeowners $95 to $125 on appraisals for which the bank had been charged $50 or less . The plaintiffs had sought triple damages under the U.S. Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering . </P>

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