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Wells Fargo says investigation could find more fake accounts

Investing.com -

Investing.com - Shares of Wells Fargo & Company (NYSE:WFC) are retreating on Friday after the company filed with the Securities and Exchange Commission stating that a wider look into its sales practice issues could reveal a "significant increase in the identified number of potentially unauthorized accounts."

Over the past year, Wells Fargo has been hit with fines due to unfair business practices, including the scandal over its creation of unauthorized customer accounts, and charging borrowers for auto insurance they did not want or need

On Thursday, Wells Fargo was ordered to pay the U.S. government $108 million to settle a lawsuit claiming it charged military veterans hidden fees to refinance their mortgages.

Wells Fargo's shares were down about 1.5% in afternoon trade.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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