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Wells Fargo & Company (NYSE: WFC) agreed to pay $500 million to settle a complaint alleging that it misled investors between 2002 and 2016. The money will be returned to investors harmed by the bank’s misconduct, according to the Securities and Exchange Commission (SEC).

The federal securities regulator clarified that the $500 million payment is part of a combined $3 billion settlement by Wells Fargo with SEC and the Department of Justice (DOJ).

The DOJ and the SEC filed charges against Wells Fargo after finding its misconduct related to the “cross-sell” strategy of its largest business unit, the Community Bank.

According to the SEC order, Wells Fargo told investors that the Community Bank’s cross-sell strategy is a “key component of its financial success.” However, the company failed to disclose that its business unit’s sales model has caused widespread unlawful and unethical sales practices between 2002 and 2016.

One of its misconducts was opening millions of accounts of financial products that unauthorized by customers. Wells Fargo’s Community Bank also pressured customers to purchase its products that did not need or would not use.

The SEC determined that Wells Fargo violated the antifraud provisions of the Securities Exchange Act of 1934. In addition to paying the $500 million civil penalties, the company agreed to cease and desist from committing or causing any future violations of these provisions of the federal securities law.

Regulators have been holding Wells Fargo accountable for its wrongdoings

In a statement, SEC Division of Enforcement Co-Director Stephanie Avakian, said, “Wells Fargo repeatedly misled investors, including through a misleading performance metric, about what it claimed to be the cornerstone of its Community Bank business model and its ability to grow revenue and earnings. This settlement holds Wells Fargo responsible for its fraud and furthers the SEC’s goal of returning funds to harmed investors.”

In October 2018, Wells Fargo paid $65 million penalties to settle a lawsuit filed by New York State alleging that the company made fraudulent statements to investors regarding its cross-sell strategy.

Last month, Wells Fargo’s former CEO John Stumpf agreed to pay $17.5 million to settle the charges filed against him in connection with his involvement in the fake account scandal. Stumpf also agreed to the order prohibiting him from working again in the banking industry.