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Wells Fargo Bogus-Account Scandal Said to Draw U.S. Probe

  • N.Y., California prosecutors said to look at bank, individuals
  • Bank apologized for opening accounts without customer approval
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Banking's Mr. Clean Stares Down Account Scandal

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Federal prosecutors are investigating Wells Fargo & Co. in connection with the bank’s sales practices after it agreed to pay $185 million in fines for opening more than 2 million unauthorized accounts, according to a person familiar with the Justice Department investigation.

U.S. attorneys in New York and San Francisco have opened criminal inquiries, the person said, adding that under Justice Department guidelines, investigators will look into both potential corporate and individual wrongdoing.