28. Wells Fargo
Year: 2016
Approx. Amount: $2.7 billion in penalties and lawsuits*
Company / Person Involved: John Stumpf
The Wells Fargo accounting scandal broke in 2016, shattering the bank’s reputation as one of few financial institutions that were stable on Wall Street. The ramifications of the deceit are still ongoing in 2021, and the penalties, civil, and criminal lawsuits have all cost Wells Fargo $2.7 billion (and counting). CEO John Stumpf resigned after Congress led an investigation into the bank.
Wells Fargo @CNN / Twitter.com
Wells Fargo’s scandal consisted of the bank making millions upon millions of fake checking and savings accounts on behalf of the bank’s clients. They did this without the consent of their customers, and, when the scandal broke, the Consumer Financial Protection Bureau fined Wells Fargo nearly $200 million. But, as you can see, the fines and penalties are still being collected.