Status: open
Wells Fargo (Equitybuild Ponzi scheme)
Defendant: Wells Fargo
Wells Fargo will pay $3.75 million to settle a class action lawsuit alleging that the bank facilitated a Ponzi scheme that cost investors in Equitybuild, a buy-and-flip investment property business, millions. If you received a notice by mail that included a pre-populated “Amount of Loss” that is lower than your actual loss, you can submit documentation to support a higher loss. Class members can receive a proportional cash payment based on the amount they lost in the scheme.