Wells Fargo To Pay $3.75M In Ponzi Scheme Class Settlement


By Clark Mindock (June 20, 2022, 6:43 PM EDT) — Wells Fargo has agreed to pay $3.75 million to put away claims from a proposed class of investors who say the bank facilitated a yearslong, $135 million Ponzi scheme through the real estate investment firm EquityBuild Inc.

The proposed settlement was laid out Friday in a motion for preliminary approval filed in California federal court, which had retained jurisdiction over the case since February when U.S. District Judge Haywood S. Gilliam Jr. was notified that a potential settlement was on the horizon.

The proposed class of investors made a series of allegations against the bank over its involvement with EquityBuild and…

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