Wells Fargo and JP Morgan have been ordered to pay $35.7 million to settle charges that they participated in an illegal marketing kickback scheme in which a former title company, Genuine Title, would give banks’ loan officers cash, marketing materials and other consumer info in exchange for business referrals.
A Wells Fargo spokesman said the bank had taken “strong corrective action” as a result of the issue. It had terminated involved staff, and said it would improve the monitoring of its processes and its team members.
JPMorgan said that “these former employees clearly violated our policies, procedures and training”.
Genuine Title had been based in Maryland but went out of business in April 2014.
Jeffrey Newman represents whistleblowers
