Wells Fargo fined $185M for fake accounts

Wells Fargo is facing $185 million in civil penalties for secretly opening millions of unauthorized deposit and credit card accounts that harmed customers, federal and state officials say.

Company officials said 5,300 employees were fired over a five-year period for their involvement in the scheme.

The fake accounts were funded by transferring money from customers' authorized accounts without permission, according to the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles city officials.

Read more from USA Today.