Wells Fargo agreed to pay $500 million to resolve allegations that it Deceived/Defrauded investors about the success of its core business strategy at a time when it was opening fake accounts for unknowing customers and selling unnecessary products that went unused. The $500 million payment was part of a combined $3 billion settlement with the Department of Justice (see separate entry). For more info visit https://www.sec.gov/news/press-release/2020-38