LOADING

Type to search

Investors Take Aim At Wells Fargo Over $449M Ponzi Scheme

Ponzi Scheme

Investors Take Aim At Wells Fargo Over $449M Ponzi Scheme

Share
By Emilie Ruscoe (April 21, 2022, 7:14 PM EDT) — Wells Fargo faces a proposed class action by investors alleging the bank aided and abetted a $449 million Ponzi scheme that ended with a lawyer’s bloody standoff with federal authorities, according to a suit filed Wednesday in Nevada federal court.

In their action, plaintiffs PMM3 LLC, Philomena Moloney and Travis Goldrup claimed that banking records should have made it obvious that the Interest on Lawyers’ Trust Account that attorney Matthew Wade Beasley maintained at Wells Fargo was being used in service of a multimillion-dollar scheme that enriched Beasley and his associates.

“Wells Fargo is sued as a knowing aidor and abettor…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Read more…

Leave a Comment

Your email address will not be published. Required fields are marked *