For example, Wells Fargo & Co. created more than 1.5 million unauthorized bank accounts and more than 560,000 credit card applications from 2011 to 2015, and investors asked where its auditor, KPMG LLP, was to prevent the fraud. The audit firm denied any wrongdoing. But when the public found out about the scandal, Wells Fargo lost $7.8 billion in stock valuation. More recently, Wells Fargo agreed to pay $1 billion to settle a class-action suit from investors, alleging the bank misled them about compliance with consent orders imposed by regulators.