Consumer complaint received 2021-08-02
Product: Checking or savings account — Checking account
Issue: Problem with a lender or other company charging your account — Transaction was not authorized
Company: WELLS FARGO & COMPANY (MA)

Dear XXXX XXXX, As a Massachusetts resident and taxpayer, I am appealing to you to help me with an issue my firm and I are having with Wells Fargo opening a fraudulent account with seemingly no repercussions for the bank. 
We have made repeated attempts to settle this matter with Wells Fargo ourselves but have failed to do so. It appears that Wells Fargo have learned little from past scandals. 
I am affiliated with a XXXX and XXXX XXXX XXXX XXXX, and I live in XXXX, Mass., working as an XXXX  XXXX with XXXX XXXX XXXX, a Connecticut based financial services firm that provides client-based capital raising services. 
I am writing to you now as our multiple attempts to correspond with Wells Fargos CEO, and Chairman, Head of Compliance as well as the fraud department have been met with either silence or a brick wall. Similarly, law enforcement in the forms of the Police, FBI and the Secret Service all seem unable to help even though they are fully aware of the crime I am about to describe. The regulator, Office of the Comptroller of the Currency, seems similarly helpless, and we have had multiple telephone calls with the regulator as well. 
Wells Fargo Bank allowed a fraudulent account to be opened at its branch at XXXX XXXX XXXX XXXX, XXXX, Georgia ( account number XXXX ). In XX/XX/XXXX, a wire was fraudulently redirected by the fraudsters through hacking my firms email server to said account and, within days, Wells Fargo allowed all the money to leave the account. 
We have attempted to identify the owner of the account to which our funds were sent. The bank branch refused to divulge any information. We took up the matter with the local police who confirmed the name of the account was XXXX XXXX XXXX and not XXXX XXXX ( to whom the wire was addressed ). XXXX XXXX XXXX does not appear on the list provided by the XXXX XXXX XXXX. Further research suggests the company does not exist.

Wells Fargos website sets forth the rules governing the opening of a business bank account. They require the presence of all owners, partners, and key executives, and that they should provide original or certified copies of certain business documents, as well as the employer identification number for the business, and the social security numbers of the individuals. Two forms of ID, one of which must be issued by a government agency, such as a drivers license or passport, must be provided.

Clearly there was no Know Your Customer or Anti Money Laundering checks carried out when opening the fraudulent account. Red flags were not raised when the incoming wire was in a completely different name to the account. Red flags were further not raised when the money ( {$100000.00} ) was promptly withdrawn. 


As mentioned above, we have been incredulous at how unhelpful Wells Fargo has been. We have made repeated attempts to obtain redress from XXXX XXXX ( XXXX  ), XXXX XXXX ( XXXX ), and XXXX XXXX ( XXXX XXXX XXXX ), as well as the Fraud department, all to no avail. 
I know {$100000.00}. XXXX is not a lot of money to some, but it is a lot of money to me. We understand from our discussions with the local police and the FBI that is possible that this particular fraud is not perpetrated solely on our account but many others as well. It is such a devastating blow to be taken advantage of in such a way with seemingly no recourse for the perpetrators. 
Of course, we are all aware of the XXXX XXXX fraudulent accounts that Wells Fargo opened between XXXX and XXXX. I also understand that XXXX XXXX was appointed to clean up XXXX XXXX and replaced a wide range of senior staff with more responsible executives to carry out this task. Given my experience, little progress has been made. 
I am sorry to have to come to you with this, XXXX XXXX. But I am truly at a loss. I XXXX Wells Fargo are assuming that we will eventually give up and go away. That simply does not sit right with us. For the sake of what is right and for the sake of all the others who are being stolen from with the help of Wells Fargo, we feel we must persist. 
We have a lot more information we can share with you, of course, but I wanted to at least outline the situation in this letter with the hope that you might be able to engage in a conversation with us and help us stop Wells Fargo in their criminal activities. 

Thank you for your consideration.