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  • Writer's pictureBob Brooks

Wells Fargo Accused of Aiding Elderly Investor Ponzi Scheme


That is the actual title of an article reporting the latest on Wells Fargo. You can see it for yourself- here is a link to the article


It is unbelievable to me that this bank still exists. I wish I had kept a log of all the suspected fraud and presumably unethical behavior this bank has been accused of or found guilty of. The list is long and I have candidly lost count. Until this one, the worst accusation has to be the time Wells Fargo opened up accounts in clients’ names without authorization. I think they call that identity theft. 


So, you would think that this bank would go to great lengths to stay away from trouble. Then, this accusation hits the press. This could be the worst accusation yet. It involves a $300 million Ponzi scheme and the elderly. Of course, this case needs to be tried in a court of law, and Wells Fargo will be found innocent or guilty. That is yet to be determined. Yet, it brings to mind three scenarios. 


  1. They are truly innocent and have a weak compliance unit that completely missed a $300 million Ponzi scheme happening right underneath their nose. 

  1. They knew what they were doing and chose to look the other way for the sake of profits. 

  1. They are the kind that trouble finds - just bad luck. 

 

All I know is that this accusation tops them all. Yet, if found to have any responsibility for this heinous act, they will just get fined, and that will be the end of it. We tend to protect the big banks regardless of their actions. There is something wrong with the system.   

 

Visit the Prudent Money services page to learn about how you can work with Bob as your Financial Advisor. Schedule a consultation today by emailing info@prudentmoney.com or calling our office at 972-386-0384 X 206 

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