While you may have been reading our articles about how Wells Fargo affiliates are busy scheming to cheat American property owners out of their homes, here's something else you need to woory about. More than one hundred Wells Fargo staff members have been fired, after management learned that they were all cheating the US Government, and had fraudulently obtained money under COVID-19 Relief programs. We hold bankers to a much higher standard than the rest of us, due to their fiduciary responsibilities with customer assets. One source says the number fined was between 100 and 125 employees. If Wells Fargo staff members, whom we entrust with our financial security, have lapses in their personal morality
These now former employees lied while trying to obtain COVID-19 relief funds from the Small Business Administration. It appears that they made false representations when applying for Coronavirus relief funds for themselves. The Office of the Inspector General of the SBA warned US banks that there were serious concerns of potential fraud surrounding claims against the funds, which were a part of the Economic Injury Disaster Loan Program.
Apparently this fraud was not limited to Wells Fargo; there is a report that dozens at JP Morgan Chase, out of a total of an estimated 500, abused the program. The bank also terminated employees for the same reason. Generally, advances of up to $10,000 do not have to be repaid. One source has identified at least $1.3bn in suspicious payments; it also flagged a possible $45m in duplicate payments.