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

Ponzi Scheme

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

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…

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