Articles Posted in Wells Fargo

Think financial crooks are much smarter than you are?  Usually not.  They can be lazy, looking for the simpler ways to make a buck like many of us.  And like home burglars they are seeking the easiest way to loot. The open basement window is a quicker way to get in and come out not empty handed than the dead-bolted front door.

For a Wells Fargo representative, wide-open basement windows were Navajo Indians who were both elderly and didn’t speak English. CNN reported the Navajos sued Wells in 2017, claiming workers from the financial giant stalked basketball games and other community events from 2009 to 2016 to prey on its members by selling them unnecessary accounts.  To settle the claims of fraud, Wells paid the Nation $6.5 million.

In announcing the settlement in a press release, the Nation said Wells had conducted a long campaign of predatory and unlawful practices.  The Nation originally filed a suit against Wells in December 2017.  After a judge in that case dismissed it on the grounds Wells Fargo had settled with U.S. federal authorities in 2016, the Nation filed a separate lawsuit in Navajo Nation District Court during November 2018 reasserting its tribal and common law claims.

AdobeStock_198259345-300x200If so, the investment losses you sustained might be recoverable through the FINRA arbitration claims process.  This week, Wells Fargo was ordered to pay a client of the firm damages, including $100,000 in punitive damages, for securities fraud in the purchase and sale of Quicksilver Resources.  Punitive damages are rare in the FINRA arbitration forum.  This award comes after another arbitration award against Wells Fargo for $75,383 for sales of these same securities.  If you were a Wells Fargo customer and invested in Quicksilver Resources please contact our Chicago based securities fraud law firm. 

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