Seniors Sue Wells Fargo For Fraud In $300M Ponzi Scheme Involving Insurers

(June 10, 2024, 1:01 PM EDT) -- MIAMI — Two seniors filed a putative class action against Wells Fargo in a Florida federal court for its role in allegedly aiding and abetting fraud in a “massive” Ponzi scheme purportedly orchestrated by owners of insurers, some of whom are now in receivership, resulting in elderly investor victims losing more than $300 million after scheme operators sold them promissory notes secured by collateral in stranger-oriented life insurance policies (STOLIs)....