Report: #871425

Complaint Review: wells fargo bank trust dept, minneapolis minn

  • 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...

Show customers why they should trust your business over your competitors...

 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?
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#1 Consumer Comment


AUTHOR: Karl - (USA)

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