By WJBC Staff
SPRINGFIELD – State Treasurer Michael Frerichs has pulled billions of state investment dollars out of Wells Fargo.
The one-year suspension comes after recent discoveries of fake accounts established by Wells Fargo employees from 2011 to 2015.
“During this five-year period, the company extracted millions of dollars in fraudulent fees and damaged many customers’ credit records, forcing them to pay higher interest rates on loans,” Frerichs said during a midday news conference. “Their illegal actions to meet sales targets and compensation incentives is downright shameful.”
Frerichs also said Wells Fargo illegally repossessed vehicles of members of the armed services and charged more than the six percent interest limitation. Frerichs has also ordered an investigation to determine if Wells Fargo violated additional state laws.
