Wells Fargo Accused of Aiding Elderly Investor Ponzi Scheme

Wells Fargo Bank NA was hit with a proposed class action alleging it aided and abetted a $300 million Ponzi scheme that duped more than 1,000 investors, most of whom were elderly and lost substantial life savings.

Well Fargo failed to stop the “scheme operators” from diverting funds meant to go the the proposed class members, motivated by a desire to “maximize assets held, and to generate account- and transfer-related revenue and compensation,” according to the complaint filed Tuesday in the US District Court for the Southern District of Florida.

The complaint alleges that National Senior Insurance Inc., doing busniess ...