Months ago, we learned that Wells Fargo employees had created millions of fraudulent credit card and bank accounts. These employees had buckled under pressure to meet impossible sales goals, and now Wells Fargo is facing fines and lawsuits from its customers, former-employees, and federal regulators. However, the company probably didn’t expect to face scrutiny from its business partners as well.
Is Prudential Wrapped Up in the Wells Fargo Scandal?
When the Wells Fargo scandal broke, consumers weren’t the only ones checking their accounts with the bank. City and state governments all over the country started to investigate their own accounts—many immediately shut those accounts down. Some businesses even started looking into their associations with the bank to make sure they weren’t pulled into the scandal too. Well, at least one of those business partners is finding out that they could also be involved in the ghost accounts scandal.
Prudential—one of the country’s largest insurance firms—offers special life insurance accounts through Wells Fargo. These insurance policies are targeted at lower income individuals who might not normally be able to afford life insurance. However, it has come to light that some of the insurance policies that Wells Fargo sold may not have been approved by the customers who bought them.
Three former Prudential employees have filed a lawsuit against their former employer. They claim that not only did Wells Fargo create life insurance policies without prior consent, but they also claim that Prudential fired them when they tried to expose the fraud. Prudential claims these employees were terminated for reasons other than exposing the company’s potential connection to the Wells Fargo banking scandal. However, Prudential assures that it’s reviewing its relationship to the bank due to the scandal.
Could these employees be right? Was Prudential hiding Wells Fargo’s dirty little secret so it could create more insurance policies? Will this scandal reveal even more corruption? Keep following your Macon whistleblower attorneys on this blog. You can also chime in with your thoughts on our Twitter and Facebook pages.