New York State Attorney General Barbara D. Underwood announced that Wells Fargo & Company will pay a $65 million penalty to settle allegations that the bank used fraudulent statements to investors in connection with its "cross-sell" business model, related sales practices, and the bank's publicly reported cross-sell metrics. The NYAG alleged that employees in Wells Fargo's Community Bank division engaged in fraudulent sales practices, including the opening of millions of fake deposit and credit card accounts without customers' knowledge that was fueled in part by pressure from significant incentive compensation program. Employees who met cross-selling targets were eligible for promotions and bonuses, while employees who did not meet the sales targets faced relentless pressure and even termination.

Former South Florida Attorney and Stock Promoter Charged with Conspiracy to Commit Securities Fraud in Relation to Pump and Dump Stock Manipulation Scheme (DOJ Release)

https://www.justice.gov/usao-sdfl/pr/former-south-florida-attorney-and-stock-promoter-charged-conspiracy-commit-securities

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In a criminal Information filed in the United States District Court for the Southern District of Florida, former practicing securities lawyer Mark E. Fisher,and Joseph F. Capuozzo were charged with one count of conspiracy to commit securities fraud in connection with the alleged $1 million pump and dump securities fraud involving Valentine Beauty, Inc. ("VLBI"). Previously, Eddy Ubaldo Marin and Shane R. Spierdowis were charged with securities fraud offenses in connection with the same VLBI scheme. Marin pled guilty and was sentenced on September 5, 2018, to 210 months in prison; also, Spierdowis pled guilty is awaiting sentencing. Allegedly, Fisher executed various documents to facilitate the scheme, including certain legal opinion letters that falsely indicated that shares controlled by Marin and other conspirators, were not in fact owned or controlled by "affiliates" of the companies.  Such letters allowed shares of VLBI to be falsely classified as "free trading." Additionally, Fisher, Capuozzo and other conspirators knew that Marin was a convicted felon and attempted to conceal his role in the scheme by keeping his name off of corporate documents.   To facilitate the concealment of Marin's role, Capuozzo became the listed owner of an entity that held Marin's VLBI shares and traded the shares at the direction of Marin.  Capuozzo also served as the nominee Chief Exeuctive Officer of VLBI, while acting at the direction of Marin and the conspirators. Although Marin had begun a term of federal imprisonment in June 2014, Fisher, Capuozzo, Spierdowis, and others continued the stock manipulation scheme, while keeping a larger portion of the trading profits for themselves.  The conspirators continued to sell shares of VLBI, while continuing the same pattern of issuing press releases and engaging in coordinated sales of shares, until approximately Around April 26, 2016, trading in VLBI shares was suspended by the SEC, which filed parallel civil enforcement actions against Fisher, Capuozzo, Marin, and Spierdowis.

In the SEC action against Fisher and Capuozzo, they were charged with violating the registration provisions of Sections 5(a) and (c) of the Securities Act of 1933 and the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder. The SEC Complaint also charged Fisher with violating antifraud Rule 10b-5(b) of the Exchange Act. Fisher and Capuozzo agreed to settle the SEC's charges and be barred from the penny stock industry; and, additionally, Capuozzo agreed to be barred from serving as an officer or director of a public company. Finally, Fisher and Capuozzo are permanently enjoined  from violating the charged provisions of the federal securities laws READ the FULL TEXT SEC Complaint against Fisher and Capuozzo 

https://www.sec.gov/litigation/complaints/2018/comp24322.pdf