Wells Fargo and Company (WFC): California Launches Criminal Probe Into...

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Thursday, 10/20/2016 11:56:33 AM

Thursday, October 20, 2016 11:56:33 AM

California Launches Criminal Probe Into Allegations of Criminal Identity Theft Linked to Accounts Scandal

MIDNIGHT TRADER 11:55 AM ET 10/20/2016

11:55 AM EDT, 10/20/2016 (MT Newswires) -- Wells Fargo & Company(WFC) is down 1% after California's attorney general launched a criminal investigation into allegations of criminal identity theft linked to the bank's unauthorized accounts scandal.

The state Department of Justice on Wednesday released a search warrant and supporting affidavit that revealed the investigation into whether Wells Fargo(WFC) employees unlawfully acquired customer information to secretly create 2 million bogus accounts, which were then funded with customers' money. State investigators served the search warrant at the bank's San Francisco headquarters Oct. 5, reports said.

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