Consumer complaint received 2024-11-17 00:00:00
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
State: CA

Complaint narrative:
Below is a full copy of the letter sent to Wells Fargo which explains the entire complaint and the remedy we seek XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX CA XXXX XXXX XXXX XXXX Legal Department WELLS FARGO XXXX XXXX XXXX XXXX XXXX, CA XXXX Subject : Demand for Immediate Return of Embezzled Funds Transferred to XXXX XXXX and Fraudulent Personal Accounts at Wells Fargo and Compliance with XXXX XXXX Regulations Dear Sir or Madam, I am writing on behalf of XXXX XXXX XXXX, XXXX, ( " the Company '' ), which has been the victim of embezzlement and fraud involving funds that were unlawfully transferred to an account under your institution 's management. As a result, a significant portion of the Company 's assets were misappropriated and directed to XXXX XXXX and individual accounts ( which will be detailed under separate cover ) at Wells Fargo without authorization or legitimate business purpose. Our company has reported this fraudulent activity to the appropriate authorities. The Federal Bureau of Investigation is currently investigating this matter with the assistance of various law enforcement agencies. Given the nature of this theft, it is imperative that Wells Fargo take swift and decisive action to return the stolen funds to our company. 

Background and Facts : Embezzlement and Fraudulent Transfers : Between the dates of XX/XX/XXXX and XX/XX/XXXX, funds totaling at least {$590000.00} were unlawfully diverted from the Companys accounts when a former employee misappropriated funds from our business accounts and transferred those stolen funds to at least one XXXX XXXX and individual accounts held at Wells Fargo. 

Identification of XXXX XXXX Accounts : Based on our investigation, we have identified at least 1 XXXX XXXX  account at your institution that received these embezzled funds. Specifically, we have traced the funds to the following Wells Fargo account : XXXX, XXXX : XXXX Demand for Return of Funds : Under the provisions of the Anti-Money Laundering Act ( AMLA ) and the Bank Secrecy Act ( BSA ), financial institutions such as Wells Fargo are obligated to maintain robust systems and procedures to detect and prevent the facilitation of money laundering and other illicit financial activities. It is clear that the transfer of stolen funds to XXXX XXXX constitutes a violation of these regulations and potentially implicates both the embezzler and the bank in facilitating fraudulent activity. 

Therefore, I request that Wells Fargo : 1 Immediately freeze the account ( s ) into which the embezzled funds were transferred, pending the resolution of this matter.

2 Investigate and trace the funds, including any subsequent transfers or disbursements, and ensure that the stolen amount is returned to XXXX XXXX XXXX and its affiliates or other parties that I am the sole managing member of, without delay. 

XXXX Provide us with full documentation regarding the transfers, including account details, transaction records, and any XXXX XXXX XXXX XXXX XXXX XXXX  information related to the XXXX XXXX and the individual responsible for receiving the stolen funds. 

XXXX Take all necessary legal steps to assist law enforcement in recovering the stolen funds. 

Should Wells Fargo fail to take immediate action to recover the stolen funds and ensure full compliance with AMLA regulations, we will be forced to explore all legal avenues available, including pursuing civil litigation for breach of fiduciary duty, fraud, and negligence. Additionally, we may seek to involve regulatory agencies, including the Financial Crimes Enforcement Network ( FinCEN ), and initiate formal complaints with the Consumer Financial Protection Bureau ( CFPB ) and the Office of the Comptroller of the Currency ( OCC ). 

Please acknowledge receipt of this letter and confirm the actions that Wells Fargo will take to resolve this matter by XX/XX/XXXX. You may contact me directly at the number provided or by email to discuss this issue further. 

We trust that Wells Fargo will act swiftly to correct this matter. 

Failure to Prevent Fraudulent Transfers : As the bank facilitating these transactions, Wells Fargo had a duty to exercise due diligence in monitoring and preventing fraudulent activities, including the transfer of funds to accounts of unknown or suspicious origin. Despite this duty, Wells Fargo failed to identify, block, or return these misdirected funds, which constitutes a violation of both banking regulations and fiduciary responsibility. 

Sincerely, XXXX XXXX Enclosures : List of unauthorized transactions *account recipients are available upon request. 
XXXX XXXX XXXX XXXX

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