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Civil Litigation

Apr. 17, 2019

Investors in Ponzi scheme sue Wells Fargo for allegedly failing them

A group of Southern California plaintiffs has sued Wells Fargo & Co., claiming the bank knowingly aided a real estate-based Ponzi scheme that bilked more than 900 investors out of $135 million.

A group of Southern California plaintiffs has sued Wells Fargo & Co., claiming the bank knowingly aided a real estate-based Ponzi scheme that bilked more than 900 investors out of $135 million. The class action states the bank “owed a fiduciary duty to investors” and should have spotted ongoing crimes by Equitybuild Inc. Annie Chang v. Wells Fargo Bank, 19-CV01973 (N.D. Cal., filed April 12, 2019).

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