Sen. David Vitter (R-La.) has launched an investigation into potential fraudulent activity by Wells Fargo employees that led to unauthorized accounts being opened for small businesses, in addition to consumers.
Vitter asked Wells Fargo CEO John Stumpf at a Senate Banking Committee hearing about the potential for fraudulent activities in business accounts, and Stumpf said, to the best of his knowledge, that fraud was limited to consumer accounts.
Vitter wrote Stumpf to request information on business activity and has asked the Small Business Administration’s (SBA) inspector general to investigate Wells Fargo’s participation in SBA lending programs. Read on for the details.