Consumer complaint received 2024-01-31
Company: WELLS FARGO & COMPANY
State: CA
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
I have few accounts with Wells Fargo Bank for past 24 years. This is the first time, I ever had an issue and wanted Bank to help me out. I initiated XXXX wire transfers through the Bank. These wires were sent to a brokerage firm to trade for forex trading. 

XXXX wires in the amount of {$100000.00} sent on XXXX and {$50000.00} on XXXX sent to : XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX, GA XXXX XXXX XXXX XXXX XXXX XXXX XXXX Routing # XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Recipient Acct # XXXX XXXX wires in the amount of {$55000.00} sent on XXXX and {$110000.00} on XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Beneficiary 's Account Number : XXXX XXXX Routing XXXX Bank Name : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, I came to know that these companies were fraud and I was scammed by the brokerage firm. They used wire as part of a scheme to defraud or to obtain money by means of false or fraudulent pretenses. I contacted local law enforcement, who has opened a case and assigned detective XXXX and FBI on XXXX who has opened a formal investigation on XX/XX/XXXX and XXXX XXXX is assigned to my case. FTC was informed on XXXX I initiated XXXX wire recall on XX/XX/XXXX and was given case # XXXX for $ XXXX, # XXXX for $ XXXX, # XXXX for {$50000.00} and # XXXX for {$110000.00}. I called Wells Fargo on XX/XX/XXXX and on XXXX on XXXX for updates and was told that my case has been forwarded to Claims Assistant Center/check fraud claims and a case XXXX XXXX XXXX has been assigned to further investigate my case and new consolidated claim # XXXX were given this time. Claim # XXXX for {$50000.00} and {$110000.00} ( these wires were initiated in the branch ). Claim # XXXX for {$100000.00} and {$55000.00} ( these wires were initiated online ). I tried reaching XXXX on XX/XX/XXXX and XX/XX/XXXX, leaving messages and was able to finally connect on XX/XX/XXXX. He did send me the Hold Harmless Indemnification Agreement to be signed and sent back on claim # XXXX for {$50000.00} and {$110000.00}. I signed and sent the letters on XXXX by priority mail, but letter was lost somewhere. XXXX contacted me on XX/XX/XXXX and emailed the letter this time to the branch XXXX XXXX XXXX location XXXX I signed the letter at the location and requested the XXXX to scan and email back, so it can reach timely. I have been calling the Bank various times on XXXX XXXX XXXX XXXX and on XX/XX/XXXX reference to claim # XXXX for {$100000.00} and {$55000.00} ( online wires ) have been unsuccessful to get any answers on this claim. I have been told that someone will contact me on this claim and I havent received any calls. Its been XXXX weeks since I initially reported the wire fraud. I feel, if Wells Fargo acted quickly, there could have been a possibility of recovering something. Every time I call, I am on the phone getting transferred from XXXX department to another and when I go in person to the branch, they are always short staffed. I received the worst customer service by XXXX XXXX XXXX, Small Business Banker in XXXX XXXX location XXXX 
My complaint alleges that the proceeds of wire fraud was involved in money laundering and Banks are facilitating. These banks have a fiduciary duty to protect their customers from fraudulent transactions and investigate matters by collaborating with the other banks and do their due diligence.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation