Consumer complaint received 2025-07-11 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: WELLS FARGO & COMPANY
State: TX

Complaint narrative:
On XX/XX/year>XXXX  I connected with XXXX XXXX on the dating app XXXX XXXX  We connected on common interests and his profile stated that he lived in a community, XXXX TX, not far from where I reside. After connecting via messages within the app, we exchanged phone numbers and began texting each other. We shared our professional careers, our likes, our personal histories, our family and the importance of our children, and our goals in life. We talked about meeting when he next would visit his daughter in TX and had invited me to her wedding in XXXX. After several days of frequent communications he began to talk about his career with XXXX and that he was retiring in XXXX, and about his business with his longtime friend and business partner. Their business was in trading cryptocurrencies. He asked if I knew or was interested in this. I said I was as I have known a few people who have traded for a time and had done well. He said he could teach me and he would take full responsibility for any trading he helped me with and if there was any losses he would cover those losses since he would be the one responsible for guiding me through this. He assisted me in setting up accounts with XXXX, XXXX XXXX, XXXX and XXXX. Once I had set up my own accounts with XXXX, he directed me to wire {$1000.00} to my XXXX  Wallet and directed me through converting it to XXXX and XXXX. Once he felt the market trend was right he guided me to his trading platform through XXXX to transfer my cryptocurrency to XXXX In a few trading sessions it appeared to me that I could make approximately XXXX % ROI. This was appealing and the fact that I felt he was honest, genuine and trustworthy, the plans we were making seemed genuine I felt I could trust him, especially since he was not requesting me to send him money directly. He began telling me that I could make enough to take care of my young adult children and help them get established in their financial futures/education. He then began to tell me the history and projected future of cryptocurrency and that it was going to be a safer investment vehicle than stocks. He suggested that I invest as much as I could in the cryptocurrency with his guidance I could pay off my home, auto, and help my children with their financial future. I proceeded to wire money from my savings account and continued to see great opportunity. He then encouraged me to invest my XXXX funds, insisting that the higher level of investing and trading the safer the activity and trading were. He also began telling me the stock market was likely going to crash with Trump as president. He said with Trump and XXXX XXXX in office, they would be promoting XXXX investments and the tariffs he was imposing would likely cause the stock market to crash like it had done 30-40 years ago and that my 401k would likely be at risk. I began to transfer these funds from my Well Fargo Bank and my 401k XXXX account to begin trading. He guided and instructed me every step of the way until I had entrusted approx {$380000.00}. After the funds were in my crypto wallets and accounts he directed me into more trading sessions through his trading platform and great returns followed. He talked about mining events being higher returns and safer. I was researching and vetting what he was telling me and it all seemed to be legitimate. After the 60 day mining event was initiated we continued communications and plans for our future. At maturity, I lost communication with him.

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