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

I have the best legal firm in the country to defend me. Awesome job!

Cindy C.

LATEST NEWS AND ARTICLES

November 4, 2025
FINRA Suspends Former Morgan Stanley Advisor Over $180,000 in Improper Transfers

The Financial Industry Regulatory Authority (FINRA) suspended former Morgan Stanley advisor C.J. Kline for two years and imposed a $5,000 fine for allegedly executing more than $180,000 in improper fund transfers between his personal and brokerage accounts.

November 3, 2025
Former Florida Broker Pleads Guilty in $2.7 Million Investment Fraud and PPP Loan Scheme

Former Florida broker Jared Dean Eakes, 34, of Jacksonville, has pleaded guilty to wire and bank fraud in connection with a $2.7 million investment scam and a separate scheme involving over $4.75 million in fraudulent Paycheck Protection Program (PPP) loans, according to U.S. Attorney Gregory W. Kehoe for the Middle District of Florida.

October 31, 2025
Department of Labor Sued Over Illegitimate Deferred Compensation Opinion Letter

Three former Morgan Stanley advisors filed suit this week against the U.S. Department of Labor (DOL), claiming the agency exceeded its authority and was unduly influenced when it issued an advisory opinion that sought to undermine their deferred compensation claims.