Wells Fargo just fired 125 employees for making fraudulent Corona virus relief Loans . The employees defrauded the Small Business Administration with false representations in applying for relief funds due to the coronavirus for themselves.
Wells Fargo & Company (NYSE: WFC) is in hot water again. This is not the first time the company the bank has been accused of unfair practices. This past April, the Consumer Financial Protection Bureau find Wells Fargo 1 billion dollars for improper abusing lending practices with auto insurance.
JPMorgan Chase & Co (NYSE: JPM) is investigating unfair practices for fraud that is linked to the PPP program .The bank earlier this year found 500 employees or more fraudulently applying for loans under the economic injury disaster loan program.
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