Accusations of fraud at Wells Fargo spread to sham insurance policies

Source: Stacy Cowley & Matthew Goldstein, N.Y.Times (Paid Registration)

When Wells Fargo admitted a few months ago that thousands of its employees had created as many as two million unauthorized accounts for its customers, alarm bells went off at Prudential, one of the nation’s biggest insurance firms.

According to three former managers in Prudential’s corporate investigation division, Wells Fargo employees appeared to have signed up bank customers for Prudential insurance without the customers’ knowledge or permission. In some cases, they even arranged for monthly premium fees to be withdrawn from their customers’ accounts.

When investigators reviewed tapes of calls to Prudential’s customer service line, they found complaints from Wells Fargo customers about policies they did not remember buying. Many of the customers did not speak English and needed a Spanish interpreter, the three plaintiffs said.

Read Full Article: Accusations of fraud at Wells Fargo spread to sham insurance policies

 
 

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