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100 Wells Fargo Employees Fired after Fraudulently Collecting COVID Relief Consider The Consumer

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100 Wells Fargo Employees Fired after Fraudulently Collecting COVID Relief

Wells Fargo Employees Fired?

More than 100 Wells Fargo employees were fired by the financial services company after secretly collecting COVID-19 relief funds.

According to Wells Fargo & Co., their staff made fraudulent activities against the Small Business Administration (SBA) “by making false representations in applying for coronavirus relief funds — specifically the Economic Injury Disaster Loan program (EIDL) — for themselves.”

“We have terminated the employment of those individuals and will cooperate fully with law enforcement,” David Galloreese, Wells Fargo’s head of human resources revealed. “These wrongful actions were personal actions, and do not involve our customers.”

Fraudulently Collecting Covid Relief? How It Happened 

Banks have the authority to check whether their employees deposited an aid to their accounts. Upon suspecting this scheme, SBA asked banks to be vigilant of suspicious deposits from the program.

They found one suspicious EIDL program, financial advances of as much as $10,000 that needs no repayment. Last August, an SBA data analysis revealed that there’s at least $1.3 billion in suspicious payments. Furthermore, more than $250 million in aid was distributed to ineligible recipients, aside from the $45.6 million in duplicate payments.

Editor’s note on 100 Wells Fargo Employees Fired after Fraudulently Collecting COVID-19 Relief Aid:

This piece is to inform you about 100 Wells Fargo Employees Fired after Fraudulently Collecting COVID-19 Relief Aid.

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