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 just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.

John O.

LATEST NEWS AND ARTICLES

September 12, 2025
LPL Broker Fined and Suspended for Recommending Risky Investments to Elderly Client

An LPL Financial broker in Elizabethtown, Kentucky, has agreed to sanctions after FINRA found he violated Regulation Best Interest (Reg BI) when recommending unsuitable investments to an elderly customer.

 

September 11, 2025
Montana Federal Judge Allows Family's Premium Financing Claims to Proceed

A federal judge in Montana has allowed a family to move forward with negligence, fraud, and unjust enrichment claims tied to a premium-financed life insurance arrangement valued at $67.5 million.

September 10, 2025
Arizona Man Sentenced to 30 Years for Multi-Million Dollar Ponzi-Style Fraud

An Arizona man has been sentenced to 30 years in prison for running a Ponzi-style investment scheme that defrauded more than 100 victims out of millions of dollars, according to the U.S. Attorney’s Office for the District of New Mexico.