Wells Fargo Insurance Scam Investigation
Audet & Partners, LLP is investigating claims made by Wells Fargo customers that the company wrongfully enrolled them MyTerm low-cost life insurance policies, coverage of which was provided by Prudential Insurance. This potential Wells Fargo insurance scam was recently reported in the New York Times. The report suggests that as part of a partnership between Wells Fargo and Prudential, Wells Fargo employees may have signed up bank customers for Prudential insurance without the customers’ knowledge or permission. It has been further suggested that in some cases, Wells Fargo employees went so far as to withdraw monthly premium payments from customer accounts.
Additional information has surfaced that the Wells Fargo insurance scam may have specifically targeted Spanish-speaking customers who may have required interpreters to properly understand the insurance policies in which they were being enrolled.
Wells Fargo bankers are not licensed to sell insurance. Despite this prohibition, it has been alleged that Wells Fargo bankers opened MyTerm policies (the policy underwritten by Prudential), and closed these policies within a month or two in order to bolster their individual sales figures and satisfy internal sales quotas.