Wells Fargo paid $650 billion to settle "cross selling"

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      Wells Fargo (WFC.N) will pay $65 million to settle allegations that its "cross-selling" business strategy misled investors, the New York State Attorney General's Office said Monday.
The attempt to get existing customers to buy more bank products, known as "cross-selling," is at the heart of the Wells Fargo false account scandal that has plagued the bank for two years.
Wells Fargo failed to disclose to investors that its success in cross-selling was based on improper sales practices, the Attorney General's Office said.
"Wells Fargo's misconduct is widespread among all levels of management within the bank - affecting customers and misguided investors," the New York attorney general said in a statement.
The bank has already paid hundreds of millions of dollars in regulatory fines and settlements related to the scandal. The bank said in a statement that it had already counted the cost of fines.


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