Wells Fargo's $3 billion payment includes a $500 million civil penalty to be distributed by the SEC to investors. By contrast, Wells Fargo reported a net profit of $19.5 billion in 2019. The settlement represents the latest government penalties for Wells Fargo and its former management for malfeasance in which millions of fake accounts were set up to meet sales quotas. They included checking and savings accounts, credit and debit cards and bill pay services. These practices went on for over a decade, Hanna said, and involved thousands of employees trying to meet unrealistic sales quotas.