Feds Want Ex-Wells Fargo Exec Added To Bank Fraud Case

Law360, New York (November 22, 2013, 8:03 PM EST) -- Prosecutors asked a New York federal court Friday for permission to add a former Wells Fargo Bank NA executive as a defendant in their suit alleging the bank defrauded a government insurer by knowingly submitting mortgages with a high risk of default.

The government alleges that Kurt Lofrano, Wells Fargo's vice president of quality control from 2002 to 2010, knew the bank was falsely certifying loans to the U.S. Department of Housing and Urban Development but failed to report it, causing HUD to pay more than...
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