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October 16, 2013 / Soheil Bahari

Customer Claims Forgery and Fraud at Wells Fargo

Based on a recent claim by a customer of the Wells Fargo bank, the bank has set quotas for the number of new accounts opened by a branch, which if not met would result in the employees losing their jobs. In fear of this, some employees have forged customers’ signatures on new account applications in order to meet those numbers.

These claims were brought by David E. Douglas who believes Defendants, the Wells Fargo bank along with three of the branch managers or assistant mangers of the bank’s branches located in Los Angeles have routinely used the existing customers’ account information, date of birth and Social Security and taxpayer identification numbers to open new additional accounts or fake business accounts under their customers’ names without their consent.

Douglas describing himself as a “long-time valued customer” of the bank claims he has recently learned that the bank has continuously forced a policy on its employees and branch managers to meet a certain quota in new account openings or face the possibility of losing their jobs; a practice which Douglas believes it was the bank’s duty to be informed about regarding its employees and their fraudulent methods to obtain the expected results.

Douglas has claimed that the Defendants have opened at least eight different accounts using his name and forged signature. The business accounts created consist of names like “David E. Douglas Painting and Design” or “David Douglas Landscaping”, none of which with any resemblance to the line of business Douglas is operating.

He also claims that one of the Defendants has transferred or attempted to transfer money from his account to Defendant’s mother account. By the time he learned about the unauthorized opened accounts and transfers, he has contacted the bank’s fraud investigator whom has assured him that the matter would be investigated but since then he has not received any information regarding the matter which made Douglas decide to follow his rights through a lawsuit.

He is seeking $25,000 in special, exemplary and punitive damages for unlawful business practices, fraud, negligence and negligent hiring.

If you or anyone you know has been a victim of fraudulent practices and misrepresentations by banks and financial institutions, contact Khorrami Boucher Sumner Sanguinetti, LLP for a confidential consultation.

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