Consumer complaint received 2022-11-23
Company: WELLS FARGO & COMPANY
State: OK
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I already have a case XXXX, but it should not have been closed. Here is additional information to pass to Wells Fargo. 

Wells Fargo hosted a fraudulent account. Regardless of the " business purpose '' that was listed upon opening the account ( trading, investment, etc. ), the account was fraudulent and not performing any business at all. It was a fraud. 

Wells Fargo did not perform proper due diligence on the account and allowed the fraud to occur for more than 6 months. I am currently aware of over {$1.00} XXXX being transacted through XXXX XXXX XXXX accounts over the course of 6 months, and XXXX XXXX 's account had multiple high dollar transactions monthly. There should have been proper diligence done on this account and that did not occur. Instead, the account was left open for multiple months in 2022 and deposits were allowed. Which is why we are here. Wells Fargo did not perform a review of this account and also potentially profited via wire transactions to or from XXXX XXXX 's account, also could have profited via share price by listing a fraudulent account on their XXXX  XXXX. 

XXXX ) I would ask that Wells Fargo and the CFPB review to the XXXX XXXX  case which involved fee income being recorded. Although in this case the wires to XXXX  were approved by a consumer, the account itself was fraudulent and Wells Fargo profited through wire activity and by listing the balances of XXXX 's account in financials. 

XXXX ) I would also ask that Wells Fargo and the CFPB review to the XXXX case which clearly states XXXX " ignored a parade of red flags '' which led to defrauding of multiple people. Wells Fargo was negligent in that regard since they ignored the XXXX XXXX red flags. 

XXXX ) Last, I would ask that Wells Fargo and the CFPB review to the XXXX XXXX XXXX  ruling which was quoted as such - Advocates at the XXXX XXXX XXXX XXXX ( NCLC ) stated, The XXXX XXXX case is a perfect example of what the Justice Department should be doing : cracking down on banks that turn a blind eye to illegal and fraudulent conduct and facilitate illegal payday lending, Ponzi schemes, money laundering for illegal gambling operations, and consumer fraud, said XXXX XXXX, XXXX associate director. 

Although each of these cases have different factors initiating the complaint, the moral of each is that the XXXX Attorney 's are exemplifying and clearly defining that the Justice Department is here to stop fraud and protect customers and non-customer " consumers '' from fraudulent activity. The consumer fraud comment from the Associate Director applies to this case, as I am not a Wells Fargo customer, rather, a consumer. However, regardless of the type, the XXXX is here to protect all of us from banks turning a blind eye to fraud. Which is exactly what has happened here. 

I have spoken with the SEC, FBI, and plan to reach out to the Attorney General, along with this complaint to the CFPB, and I've also spoken to a class action attorney. A resolution outside of court would be preferred, but may be unavoidable at this time due to initial steps already being taken by myself and many others involved in the XXXX XXXX case. My request is for my {$30000.00} ( XXXX deposits of {$15000.00} each ) be refunded, along with {$50.00} for reimbursement of ( XXXX ) {$25.00} wire fees, to my XXXX account by XX/XX/2022. At this time I am not requesting damages, I would prefer my money be returned. If not, then further action will be taken.

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