The fraud resulted from “systemic defects” in how the bank treats employees, according to the suit.
Wells Fargo is facing a multimillion-dollar film-finance fraud lawsuit, capping off a 2016 of legal woes for the banking giant.
British financiers Vandermolen Film Co. and Bridgeworks Media Capital claim Wells Fargo employees conned them into funding bridge loans and they’re owed at least $14 million, according to a complaint filed in Florida state court last week.
“Upon information and belief, the brazen and repeated acts of fraud, theft, conversion, and negligence on the part of the WELLS FARGO DEFENDANTS detailed in this Complaint are the result of systemic defects in the way the WELLS FARGO DEFENDANTS manage, train, supervise, hire, reward, and punish their employees,” writes attorney Roy Altman in the complaint.
The suit notes that earlier this year Wells Fargo made headlines when it was revealed its employees had opened more than 2 million accounts that may not have been authorized by customers in order to meet sales goals. That resulted in $185 million in fines and a $5 million payout to customers.
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