Feds investigating Wells Fargo for possible prosecution over sales tactics

Federal prosecutors are now  investigating at Wells Fargo & Co. and its employees for further prosecution according to reports. The investigation is being handled by the U.S. Attorney’s Offices for the Southern District of New York and the Northern District of California and have yet to decide if any case, should they decide to pursue one, would be criminal or civil.Prosecutors have issued a subpoena to the bank for documents and materials.

Wells Fargo was fined $185 million following widespread illegal sales practices including opening accounts for customers without their knowledge. WSJ’s Emily Glazer joins Lunch Break to discuss.

The bank did not admit or deny wrongdoing as part of the settlement.

A criminal investigation by federal prosecutors would represent a more significant and long term litigation for the company with the Department of Justice on the other side of wrongdoing is deemed to have occurred on a higher level.

Jeffrey Newman represents whistleblowers