Illinois State Treasurer Michael Frerichs recently suspended $30 dollars from Wells Fargo in investments. The treasurer's office used to use Wells Fargo for investment and banking needs for the state of Illinois, but were recently been caught in unethical and illegal company wide actions. Frerich's said the company admitted it created 2 million unauthorized bank accounts and seized more than 400 vehicles without a court order.
Treasurer Frerichs said the state will watch Wells Fargo closely and if they think the banking giant truly fixed it's issues, Illinois may bank with them again.
Frerichs appeared on the NEWSTALK WTIM Morning Show.