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Wachovia Will Pay Up to $125 Million to Compensate Consumers, $10 Million Penalty
By Matt Squire
printWachovia Bank will pay up to $125 million to compensate victims of a telemarketing fraud conducted through accounts at the bank and a $10 million civil money penalty under agreements reached with the Office of the Comptroller of the Currency. The OCC said the Charlotte, N.C.-based bank engaged in unsafe or unsound practices in its relationship with payment processors and telemarketers that resulted in thousands of consumers, many of them elderly, being defrauded of hundreds of millions of dollars. The bank profited from fees and balances maintained on accounts held for the companies involved in the fraud, said the OCC...
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