{"id":10167,"date":"2021-09-17T16:19:50","date_gmt":"2021-09-17T20:19:50","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=10167"},"modified":"2021-09-17T16:19:50","modified_gmt":"2021-09-17T20:19:50","slug":"was-wells-fargo-complicit-in-a-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/","title":{"rendered":"Was Wells Fargo Complicit In A Ponzi Scheme?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-9856 size-medium\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-300x200.jpg\" alt=\"When a person or entity runs any type of fraud, they generally go to great lengths to disguise their activities from the financial institutions to avoid fraud detection. Many banks have the power to put a stop to any illegal activity that involves their institution to avoid regulatory trouble. Wells Fargo is facing a lawsuit for failing to stop illegal activity to prevent a fraud.  Four investors filed suit on Friday, August 23, 2021, allege that a recently discovered Ponzi scheme used accounts at Wells Fargo Bank. Additionally, the bank did nothing and allowed the scheme to continue defrauding investors. The plaintiffs accuse Wells Fargo of \u201caiding and abetting\u201d the scheme. The Securites And Exchange Commission (SEC) has also become involved, filing its own lawsuit against the company committing fraud. \u00a0  MJ Capital Funds, MJ Taxes And More  Headquartered in Pompano Beach, FL, MJ Capital Funding claimed to offer \u201cmerchant cash advances\u201d to small businesses to help them with cash flow. Touting a \u201csimplified 4 step process,\u201d the company\u2019s website says it helps small and medium sized businesses who needed funding.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-300x200.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-1024x683.jpg 1024w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-768x512.jpg 768w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-1536x1024.jpg 1536w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-2048x1366.jpg 2048w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-1000x667.jpg 1000w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>When a person or entity runs any type of fraud, they generally go to great lengths to disguise their activities from the financial institutions to avoid fraud detection. Many banks have the power to put a stop to any illegal activity that involves their institution to avoid regulatory trouble. Wells Fargo is facing a lawsuit for failing to stop illegal activity to prevent a fraud.  <a href=\"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/#more-10167\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When a person or entity runs any type of fraud, they generally go to great lengths to disguise their activities from the financial institutions to avoid fraud detection. Many banks have the power to put a stop to any illegal activity that involves their institution to avoid regulatory trouble. Wells Fargo is facing a lawsuit [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[602,593],"tags":[],"class_list":["post-10167","post","type-post","status-publish","format-standard","hentry","category-class-action","category-ponzi-schemes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Was Wells Fargo Complicit In A Ponzi Scheme? &#8212;<\/title>\n<meta name=\"description\" content=\"Four investors filed suit on Friday, August 23, 2021, allege that a recently discovered Ponzi scheme used accounts at Wells Fargo Bank.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Was Wells Fargo Complicit In A Ponzi Scheme? &#8212;\" \/>\n<meta name=\"twitter:description\" content=\"Four investors filed suit on Friday, August 23, 2021, allege that a recently discovered Ponzi scheme used accounts at Wells Fargo Bank.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-300x200.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Was Wells Fargo Complicit In A Ponzi Scheme? &#8212;","description":"Four investors filed suit on Friday, August 23, 2021, allege that a recently discovered Ponzi scheme used accounts at Wells Fargo Bank.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/","twitter_card":"summary_large_image","twitter_title":"Was Wells Fargo Complicit In A Ponzi Scheme? &#8212;","twitter_description":"Four investors filed suit on Friday, August 23, 2021, allege that a recently discovered Ponzi scheme used accounts at Wells Fargo Bank.","twitter_image":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-300x200.jpg","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/","url":"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/","name":"Was Wells Fargo Complicit In A Ponzi Scheme? &#8212;","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/#primaryimage"},"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-300x200.jpg","datePublished":"2021-09-17T20:19:50+00:00","author":{"@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"description":"Four investors filed suit on Friday, August 23, 2021, allege that a recently discovered Ponzi scheme used accounts at Wells Fargo Bank.","breadcrumb":{"@id":"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/#primaryimage","url":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-300x200.jpg","contentUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/03\/FiverrLosses-300x200.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.silverlaw.com\/blog\/was-wells-fargo-complicit-in-a-ponzi-scheme\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.silverlaw.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Was Wells Fargo Complicit In A Ponzi Scheme?"}]},{"@type":"WebSite","@id":"https:\/\/www.silverlaw.com\/blog\/#website","url":"https:\/\/www.silverlaw.com\/blog\/","name":"Securities Arbitration Lawyers Blog","description":"Published by Securities Arbitration Lawyers \u2014 Silver Law Group","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.silverlaw.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752","name":"Silver Law Group","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","caption":"Silver Law Group"}}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/10167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/comments?post=10167"}],"version-history":[{"count":1,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/10167\/revisions"}],"predecessor-version":[{"id":10168,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/10167\/revisions\/10168"}],"wp:attachment":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/media?parent=10167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/categories?post=10167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/tags?post=10167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}