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U.S. CFTC orders Wells Fargo to pay $14 million over unfair foreign exchange trade

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The U.S. Commodity Futures Trading Commission ordered Wells Fargo & Co to pay mo...

FILE PHOTO: A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake/File Photo

The CFTC said it ordered Wells Fargo Bank NA to pay a civil monetary penalty of $10 million and restitution of $4.475 million, and required the bank to cease and desist violating the CFTC’s business conduct standards. Specifically, the CFTC said that Wells Fargo failed to properly price a $4 billion foreign exchange forward contract with an unnamed counterparty from 2014.

The CFTC said the bank provided a spreadsheet to the counterparty that supposedly showed how that average was calculated, even though the bank lacked the ability to track the trades that would provide the basis for the calculation.

 

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14 whole million dollars? That’ll teach Wells Fargo. It’ll take a full 120 minutes for them to make that much back.

I do not understand why this bank is still in business.

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