Wells Fargo Safe From RICO Suit Over $68M Ponzi Scheme

Law360, New York (April 12, 2012, 9:13 PM EDT) -- A Florida federal judge Thursday tossed a proposed class action alleging a Wells Fargo & Co. subsidiary knowingly participated in a $68 million Ponzi scheme in violation of the state's racketeering laws.

U.S. District Judge Daniel T.K. Hurley dismissed an amended complaint that accused Wachovia Bank — now part of Wells Fargo — of violating the Florida Racketeer Influenced and Corrupt Organizations Act by its failure to file suspicious activity and currency transaction reports on deposits made as part of an alleged Ponzi scheme.

Judge Hurley...
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Case Information

Case Title

Horace-Manasse v. Wells Fargo Bank N. A.


Case Number

9:10-cv-81623

Court

Florida Southern

Nature of Suit

Racketeer/Corrupt Organization

Judge

Daniel T. K. Hurley

Date Filed

December 22, 2010

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