Wells Fargo recently admitted that a number of its employees placed Wells Fargo customers in fraudulent Wells Fargo accounts in an effort to meet sales goals. It was thought that most of these fraudulent accounts were for other Wells Fargo products; however, it was recently revealed that Wells Fargo employees may have assisted in the creation of fraudulent Prudential Insurance products as well. These policies were typically Prudential’s “My Term” life insurance policies.
Wells Fargo began marketing and selling life insurance policies on behalf of Prudential in June of 2014. The policies were targeted at people who could not otherwise obtain life insurance and could only be bought at self-service kiosks at Wells Fargo branches or online using Wells Fargo credit cards or bank accounts. In some cases, life insurance policies were opened and closed within a month or two and then reopened. In some cases, the monthly fees were withdrawn directly from the client’s Wells Fargo accounts. Many of the alleged customers who signed up for My Term insurance policies listed suspicious addresses like “Wells Fargo Drive” on their applications or suspicious email addresses for customers, i.e., firstname.lastname@example.org.
Most of these My Term insurance policies were sold in Southern California, Southern Arizona, South Florida, and South Texas. The victims were predominantly Hispanic, many of whom spoke little to no English. The consumer law attorneys at Doyle APC are looking to speak to any current or former Wells Fargo customers who became unknowing owners of Prudential My Term life insurance policies. If you were unknowingly signed up for a My Term life insurance policy via Wells Fargo since June of 2014 please contact us for a free consultation regarding your legal rights. You can fill out the confidential form below or call us toll-free at 1-800-736-9085.