Wells Fargo Says Ponzi Victims Failed to Show Bank Knew of Ploy

Aug. 5, 2022, 5:03 PM UTC

Wells Fargo & Co. is asking a Nevada federal judge to dismiss claims brought by victims of a lawyer-led Ponzi scheme, arguing the investors didn’t show the bank knew of the scam.

The victims “wholly omit the most crucial allegations of the ‘who, what, when, where, and how’ of Wells Fargo’s knowledge of the fraud,” the bank’s lawyers at Holland & Hart wrote in a motion Thursday.

The motion comes in a high-profile case where investors provided nearly $500 million to a scheme run out of a special bank account for lawyers. One alleged perpetrator, Nevada lawyer Matthew Beasley, who ...

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