Massachusetts becomes latest state to penalize Wells Fargo

Wells Fargo Building

Massachusetts became the latest state to penalize Wells Fargo over its bogus accounts scandal by pulling the bank from a list of approved bond underwriters.

Bloomberg News reports that Treasurer Deborah Goldberg suspended Wells Fargo for one year effective Monday, said Chandra Allard, a spokeswoman.

The state is scheduled to sell general-obligation debt by auction in November. Goldberg asked staff to review other contracts and investments with the bank.

"Wells Fargo has treated their employees, their customers, and the general public in a completely reprehensible fashion," Goldberg said in an e-mailed statement.

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Massachusetts Becomes Latest State to Penalize Wells Fargo

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