Consumer complaint received 2022-04-22
Company: WELLS FARGO & COMPANY
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
I had made a recall request to the bank in order to recall transfers that I inadvertently made to a fraudulent merchant. 
The details of the transfers are as follows : Amount Currency Transaction Date Sending Bank Receiving Bank Beneficiary XXXX USD XXXX XXXX XXXX XXXX XXXX Wells Fargo XXXX XXXX XXXX XXXX USD XXXX XXXX XXXX XXXX XXXX Wells Fargo XXXX XXXX XXXX XXXX USD XXXX XXXX XXXX XXXX XXXX Wells Fargo XXXX XXXX XXXX XXXX USD XXXX XXXX XXXX XXXX XXXX Wells Fargo XXXX XXXX XXXX XXXX USD XXXX XXXX XXXX XXXX XXXX Wells Fargo XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Wells Fargo XXXX XXXX XXXX I was contacted by a company that identified itself to me as XXXX XXXX XXXX XXXX. I was instructed to send these funds to specific beneficiaries. The merchant claimed that the funds from these transfers would be used to fund the brokerage/investment account they provided. At the time, the merchant presented this information as if the beneficiary was actually them. 
I didn't receive the service. The merchant XXXX XXXX XXXX XXXX claims to be a broker and provides a self-directed brokerage/investment account with the ability to trade financial instruments ( stocks, CFDs, Binary Options, commodities, etc. ) and with the ability to withdraw funds on request. This was the service I paid for. But this company doesn't have a license for brokerage / investment services and is unable to have ever provided any brokerage / investment account. because all companies ( the merchant and beneficiaries ) don't have a license for brokerage / investment services, they can't provide me with the service I paid for. 
XXXX XXXX against WellsFargo bank Since initiating these transfers, I have determined that the named beneficiary does not actually have any type of connection to the merchant at all. The terms and conditions provided on the merchants website list the client agreement as being between the merchant, XXXX XXXX XXXX XXXX, and myself. The name of the beneficiary to whom the funds were transferred by bank wire is not listed on the merchants website. 
It has recently been brought to my attention that there is not any connection between the merchant and the beneficiary to whom the funds were transferred. 
That is why I asked my bank, XXXX XXXX XXXX XXXX, to start the wire recall procedure. My bank sent the wire recall request to the beneficiary bank Wells Fargo several times, but the beneficiary bank Wells Fargo hasnt replied. 
After that my lawyer sent a Legal Letter to the beneficiary bank Wells Fargo. ( I have attached the Legal letter ) The beneficiary bank Wells Fargo hasnt replied to the lawyer as well. 
I believe that the beneficiary bank Wells Fargo is associated with this fraud and money laundering. I ask for your help in my case, I ask you to check the beneficiary bank Wells Fargo and I ask you to contact the beneficiary bank Wells Fargo so that they review my case.

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