Consumer complaint received 2025-03-16 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Deposits and withdrawals
Company: WELLS FARGO & COMPANY

Complaint narrative:
In XX/XX/XXXX, I opened an account with a XXXXXXXX XXXX by the name of XXXX XXXXXXXX XXXX XXXX XXXX XXXX They prompted me to make an initial deposit through their intermediary Wells Fargo account holder XXXX XXXX XXXX XXXX as shown in Attachment XXXX Given that it was a Wells Fargo account, which is supposed to be a legitimate and trustworthy Bank, I felt comfortable making the deposit, and made a {$64000.00} USD wire transfer as shown in attachment XXXX XXXX XXXXXXXX XXXX received the money from their Wells Fargo Intermediary and showed it as available in my online account as shown in Attachment XXXX.

After taking a closer look at their website ( XXXX XXXX, I began getting concerned over some discrepancies and obviously fake impersonation of XXXX, so I contacted the OCC at XXXX. With a phone call on XX/XX/XXXX, the OCC agent XXXX told me to contact the FDIC at XXXX for more information. I spoke with FDIC subject matter expert XXXX, who told me that XXXX XXXXXXXX XXXX has been tagged by the FDIC as a FRAUDULENT PLATFORM and advised me to seek recourse and file a fraud report immediately. 

It was very shocking to find out that a Wells Fargo account was being used to perpetrate fraud, so on XX/XX/XXXX, I contacted the Wells Fargo branch in Georgia that received the wire transfer in attachment XXXX XXXX with Wells Fargo ( XXXX ) confirmed that the routing number and account number on my wire transfer receipt were legitimate and actual numbers for the XXXX XXXX XXXX account held with their branch. I told him what happened, and he put a flag on the receiving account. He then mentioned that I needed to initiate the fraud complaint with the sending institution. I followed this guidance, and filed a fraud report with XXXX, my sending institution. The XXXX branch manager advised me that he filed an indemnity and wire recall to the mentioned Wells Fargo branch.

I remained patient and waited for a few months to see if Wells Fargo would return my money. On XX/XX/XXXX, I contacted XXXX for an update and was advised that Wells Fargo had denied my request and stated I would need to hire a lawyer. I found this highly inappropriate as it was their institution that was enabling and possibly participating in de-frauding innocent consumers. The XXXX branch manager also informed me that XXXX XXXX  had acted as intermediary to facilitate the transaction to Wells Fargo, indicating that both XXXX and Wells Fargo had helped facilitate the fraud and theft. I contacted XXXXXXXX XXXX  several times throughout the following weeks but was denied assistance or guidance on funds recovery. I find both XXXX and Wells Fargo 's behaviors to be highly inappropriate and unethical, and am seeking recourse against XXXX XXXXXXXX XXXX Wells Fargo and XXXXXXXX XXXX for their roles in facilitating fraud and theft. 

To assist with my attempt to recover funds, I contacted the FDIC again to get their statement in writing, and they provided me with a written statement as shown in Attachment XXXX that XXXX XXXXXXXX XXXX ( sagetrustb.com ) is a fraudulent entity. It is clear that the FDIC is completely correct about XXXX XXXX being a fraud, as they have denied every withdrawal attempt, and have deactivated my account and stolen my money. Wells Fargo and XXXX XXXX have denied any part in this, even though it is clear they both either facilitated or allowed a fraudulent e-bank to steal money through them.

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