The Wall Street Journal: Feds reportedly investigating Wells Fargo’s sales practices

Federal prosecutors are in the early stages of an investigation into sales practices at Wells Fargo & Co. that led to the bank being hit last week with a $185 million fine, according to people familiar with the matter.

The investigation is being conducted by the U.S. Attorney’s Offices for the Southern District of New York and the Northern District of California, these people said. Prosecutors have yet to decide if any case, should they decide to pursue one, would be along civil or criminal lines, the people said.

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Prosecutors have issued a subpoena to the bank for documents and materials, the people added.

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