WASHINGTON–The FDIC is reporting that in the six-month period from October 2019 through March 2020 it opened 55 investigations, 27 of which resulted in convictions, as well as in fines and restitution of more than $3 billion—nearly all of which came from one big bank.
The numbers were released by the FDIC’s Office of Inspector General, which said it also made 134 referrals to the U.S. Department of Justice and U.S. Attorneys.
According to the FDIC OIG, the 55 investigations led to 39 indictments. In addition to the 27 convictions, the OIG said, 21 arrests were made.
While the FDIC said it collected $3.075 billion in total fines, restitutions and asset forfeitures, nearly all of that is represented by the $3 billion paid as part of a negotiated monetary settlement with Wells Fargo Bank. As CUToday.info has reported, that settlement was reached to resolve criminal and civil investigations into sales practices involving the opening of millions of bogus customer accounts.
The FDIC said it collected $1.7 million as the result of agreements with individuals sentenced during the six-month period, and $863,418 that was collected from individuals sentenced in a prior period.