Accusations of Fraud at Wells Fargo Spread to Sham Insurance Policies
Source: NYTimes
When Wells Fargo admitted a few months ago that thousands of its employees had created as many as two million unauthorized accounts for its customers, alarm bells went off at Prudential, one of the nation’s biggest insurance firms.
Wells Fargo has a partnership with Prudential to sell a low-cost life insurance policy to the bank’s retail customers. After news of the Wells Fargo settlement in September, Prudential ordered an internal review of its dealings with the bank, to make sure nothing was amiss with the joint endeavor.
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The three people who filed the wrongful termination suit were part of an investigations unit at Prudential that was asked to comb for irregularities in the 15,000 MyTerm accounts that were sold through Wells Fargo.
Those in the unit found that some customers who signed up for MyTerm listed addresses like “Wells Fargo Drive” on their applications, according to the complaint. Some of the policy applications listed suspicious email addresses for customers, and the name listed on a policy sometimes did not match the name in the customer’s email address — “for example, where the MyTerm policy holder was Jason Smith, the email address might be for johndoe@wellsfargo.com,” the complaint said.
Additionally, the lawsuit said, “Cellphone numbers were listed as emails, such as 1234567@verizon.net, which was very similar to how fraudulent bank accounts were opened at Wells Fargo Bank.”
Read more: http://www.nytimes.com/2016/12/09/business/dealbook/wells-fargo-accusations-sham-insurance-policies.html
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