California releases search warrant for Wells Fargo bank on identity theft

Saturday, October 22, 2016

The California Department of Justice on Wednesday released the warrant and affidavit of a criminal investigation of the Wells Fargo bank. The State of California served the warrant on October 5 to search the San Francisco headquarters of Wells Fargo for felonious activities related to identity theft.

File photo of Wells Fargo's corporate headquarters in San Francisco, 2007.
Image: Laimerpramer.

The warrant said property to be seized at the bank's San Francisco headquarters was related to the unauthorized creation of accounts by Wells Fargo employees including the names of individuals for the accounts; account information and fees; the names of employees and their managers who created accounts without the consent of the Wells Fargo customers in question; and all communications including emails referencing the unauthorised accounts.

California Attorney General Kamala Harris's criminal probe is part of an increasing list of officials nationwide questioning the business practices of Wells Fargo such as California State Treasurer John Chiang who announced a one-year suspension of State investment with the bank on September 28; Illinois State Treasurer Mike Frerichs followed suit with a year-long ban on October 3; and Democratic United States Senators Bob Menendez of New Jersey, Jeff Merkley of Oregon, and Elizabeth Warren of Massachusetts, who wrote to the U.S. Security Exchanges Commission (SEC) suggesting investigation on September 29.

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Sources

Sarah N. Lynch. "California launches criminal probe into Wells Fargo account scandal" — Reuters, October 20, 2016
George Avalos. "California launches criminal probe into Wells Fargo over bogus bank accounts" — The Mercury News, October 19, 2016
James Rufus Koren. "California attorney general investigating Wells Fargo on allegations of criminal identity theft" — Los Angeles Times, October 19, 2016
Becky Yerak. "Illinois treasurer: State will suspend Wells Fargo business" — Chicago Tribune, October 3, 2016
Mitch Dudek. "State nixes business with Wells Fargo after fraud uncovered" — Chicago Sun-Times, October 3, 2016
Rob Tricchinelli. "Senators Ask for SEC Probe of Wells Fargo" — Bloomberg BNA, October 3, 2016
Emily Glazer. "Three Senators Ask SEC to Investigate Wells Fargo" — The Wall Street Journal, September 29, 2016
Matt Vasilogambros. "California's Sanctions Against Wells Fargo" — The Atlantic, September 28, 2016
Thomas Lee. "State Treasurer Chiang turns up the heat on Wells Fargo" — San Francisco Chronicle, September 28, 2016

External links

"Read the Wells Fargo search warrant" — Los Angeles Times, October 19, 2016
Juan Pachon. "Menendez, Merkley, Warren Urge SEC Investigation of Wells Fargo for Misleading Investors and Violating Whistleblower Protections - Press Release" — The Official U.S. Senate website of Senator Bob Menendez of New Jersey, September 29, 2016
Marc Lifsher. "Treasurer John Chiang Sanctions Wells Fargo Bank for Defrauding California Customers Calls for Overhaul of Banking Industry - News Release" — California State Treasurer's Office - website, September 28, 2016

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