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Wells Fargo is accused of harming fraud victims by closing accounts

When indicators of fraud seem on a buyer’s account, resembling a counterfeit examine or an unauthorized withdrawal, a financial institution is required by regulation to research whether or not prison exercise has occurred.

Wells Fargo had a less complicated resolution, in line with a former worker: Shut the account and drop the shopper.

Matthew Valles, a former fraud investigator for Wells Fargo in Portland, Ore., mentioned the financial institution fired him in January in retaliation for his inside complaints about “tons of” of mishandled fraud investigations. On Wednesday, he sued the San Francisco financial institution and his former supervisor, alleging that that they had violated whistle-blower legal guidelines.

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