Wells Fargo Agrees To $3.75 Million Deal Concluding Ponzi-Aid Dispute

Posted on July 1st, 2022 at 1:16 PM
Wells Fargo Agrees To $3.75 Million Deal Concluding Ponzi-Aid Dispute

From the Desk of Jim Eccleston at Eccleston Law:

Investors who alleged that Wells Fargo aided and abetted a real estate Ponzi scheme have asked a California federal judge for permission to proceed with a $3.75 million settlement. 

The scheme, which was perpetuated by Jerome Cohen, Shaun Cohen, and EquityBuild Inc., generated at least $135 million from hundreds of investors, according to the SEC. 

EquityBuild investors have accused Wells Fargo of aiding and abetting the Ponzi scheme, which utilized the bank to wire, commingle, and disburse investor funds. In 2020, Judge Haywood Gilliam permitted investors to pursue some claims after finding that the SEC’s complaint raised plausible allegations that Wells Fargo had knowledge of the purported scheme and provided substantial assistance. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, wells fargo, ponzi

Return to Archive

TESTIMONIALS

Previous
Next

As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.

LATEST NEWS AND ARTICLES

October 3, 2025
SEC Charges Pennsylvania Man in $400 Million Ponzi Scheme

The Securities and Exchange Commission (SEC) has charged Daryl F. Heller of Pennsylvania, along with his companies Prestige Investment Group, LLC, and Paramount Management Group, LLC, for operating a Ponzi scheme that caused investor losses of roughly $400 million.

October 2, 2025
Mercer Advisors Expands Westward with Two RIA Acquisitions

Mercer Advisors has strengthened its presence in the West by acquiring two registered investment advisory firms with offices in Oregon, Idaho, and Southern California.

October 1, 2025
New Jersey Investor Sues Advisor and Insurers Over Premium Financing Losses

A New Jersey resident has filed suit against a financial advisor, his firm, two insurance companies, and other parties over losses tied to a premium financing arrangement for life insurance.