State of Illinois Suspending Billions in Wells Fargo Investment Activity
iStock/Thinkstock(SPRINGFIELD, Ill.) — The state of Illinois is suspending $30 billion of investment activity with Wells Fargo amid its scandal concerning fake accounts. Illinois Treasurer Michael Frerichs announced the state’s decision Monday, saying, “Wells Fargo’s predatory and illegal banking practices require a strong response.”
Frerich also wants to determine whether Wells Fargo violated unclaimed property laws in Illinois.
“I have also ordered an audit to determine if, in addition to their other legal woes, Wells Fargo violated Illinois’ unclaimed property laws,” he said. “It’s important that we make sure that Illinois’ consumers get what may be owed to them.”
“Their illegal actions to meet sales targets and compensation incentives is downright shameful,” Frerich said Monday.
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