• Report: #871425

Complaint Review: wells fargo bank trust dept, minneapolis minn

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Fri, April 20, 2012
  • Updated: Fri, April 20, 2012

  • Reported By: lorielevine — st petersburg Florida United States of America
wells fargo bank trust dept, minneapolis minn
wells fargo corporate trust services, minneapolis, minneaplois, Minnesota United States of America

wells fargo bank trust dept, minneapolis minn defrauded thousands of investors minneaplois, Minnesota

*Consumer Comment: SEC POEM...

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

 in 2004 wells fargo bank was employed by American Business Financial Services to reorganize investors accounts. This "reorganization" included converting subordinated investment notes to "preferred" stock. Six months later the company filed for bankruptcy, at which time Wells Fargo became  bankruptcy Trustee for the company's "reorganization". The preferred stock, which was 1/2 of each investors investment, had no value and could not be traded. Thousands of investors lost their life savings as a result. Wells Fargo, the courts, other trustees,and accounting companies have been on the payroll since that time(2005) and yet investors have yet to receive anything! Now a company called EPIQ7 has been hired to pay approximately 2% of each investment,but hasn't disbursed any funds yet.  Perhaps they're just using the investment funds as long as there are any to be had!  Acorporate trust dept has a legal obligation to behave in a manner that reflects the interests of investors, which Wells Fargo did not.  The fact that Wells was responsible for the conversion  implies  complicity and premeditated fraud.  Why would a large national bank be involved and instrumental in such illegal acts? The courts and sec seem to be okay with all this.  This is a rip off and should be addressed in some way, but how?

This report was posted on Ripoff Report on 04/20/2012 01:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/wells-fargo-bank-trust-dept-minneapolis-minn/minneaplois-Minnesota-/wells-fargo-bank-trust-dept-minneapolis-minn-defrauded-thousands-of-investors-minneaploi-871425. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on wells fargo bank trust dept, minneapolis minn

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

SEC POEM...

AUTHOR: Karl - (USA)

is available at this website.

Just type in 779868 at this site and it appears in the consumer comments section at Ripoff Report #779868.

Thank You

***NATIONWIDE BANK ALERT: Make sure to stay at this site and type in- BANK, and read the Ripoff Reports from people all over America for important information if you have a bank account or a mortgage in the USA.
Then type in 481508 at this site and read St. Clair's Ripoff Report for valuable information if you have a mortgage and spread it all over the web at sites like Twitter and Facebook..
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.