Wells Fargo Class Action Alleges $449M Ponzi Scheme
Wells Fargo Ponzi Scheme Class Action Lawsuit Overview:
- Who: PMM3 LLC, Philomena Moloney and Travis Goldrup filed a class action lawsuit against Wells Fargo Bank.
- Why: The group of investors claim Wells Fargo aided and abetted a $449 million Ponzi scheme perpetrated by attorney Matthew Wade Beasley.
- Where: The class action lawsuit was filed in Nevada federal court.
Wells Fargo aided and abetted a $449 million Ponzi scheme that stemmed from the misuse of funds in an Interest on Lawyers’ Trust Account (IOLTA), a new class action lawsuit alleges.
Plaintiffs PMM3 LLC, Philomena Moloney and Travis Goldrup claim Wells Fargo should have known from banking records that the IOLTA account of attorney Matthew Wade Beasley was being used for fraudulent means.
“Wells Fargo is sued as a knowing aidor and abettor that substantially assisted the breach of fiduciary duties arising out of the existence of the IOLTA account used as a vehicle for the ploy,” the Wells Fargo class action states.
PMM3 LLC, Moloney and Goldrup claim they gave money to Beasley’s associates under the guise it would go toward short-term loans for injured individuals waiting for other money to be paid out. They want to represent a class of around 200 investors who they lost more than a combined $100 million on account of the alleged Ponzi scheme perpetrated by Beasley.
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