Seminole Tribes Sues Wells Fargo over Hidden Fees on Minor Trust Accounts

Here is the complaint in Seminole Tribe v. Wells Fargo Bank NA (17th Jud. Cir., Fla.):


An excerpt:

The Seminole Tribe of Florida seeks to recover millions of dollars of fees fraudulently charged Minor Tribe Members when Wells Fargo was supposed to be acting as a fiduciary trustee to protect the financial interests of those same minors. Instead Wells Fargo engaged in a decade-long fraudulent scheme using deficient and confusing account statements to conceal the collection of unauthorized fees to the minor beneficiaries. The Tribe also seeks to recover for its Minor Tribe Members at least one hundred million dollars in lost value to the trust as a result of the Trustee’s gross mismanagement of the trust assets by negligently employing imprudent investment strategies. It is evident that Wells Fargo focused its attention on concealing the collection of unauthorized fees instead of adopting a viable investment protocol. It appears as if, the Trustee established the trust, placed it in cruise-control, failed to properly advise the Tribe or its minor beneficiaries on investment strategies, and invested in a deficient portfolio in order to defraud the minor beneficiaries out of millions of dollars in fraudulent fees. The bank’s collection of fraudulent fees and the gross mismanagement of the trust is a breach of fiduciary duty to the beneficiaries and the proximate cause of the plaintiffs damages.

This entry was posted in Author: Matthew L.M. Fletcher, Research and tagged , . Bookmark the permalink.

One Response to Seminole Tribes Sues Wells Fargo over Hidden Fees on Minor Trust Accounts

  1. On February 17, 2016 as a pro se litigant, I survived a motion to dismiss in a federal court which implicates many Wall Street execs with false SEC certifications, securities fraud and insider trading during the financial crisis .

    Wachovia’s shareholders were misled, including perjury on a North Carolina business court.

    I can provide documentation of the following;

    In 2008 and 2009, Wachovia borrowed billions from the Federal Reserve’s Term Auction Facility (TAF) with an undisclosed and underutilized Federal Reserve credit line worth more than $50 Billion.

    After working at Goldman Sachs from 1976 to 2004 and serving with Hank Paulson at the US Treasury Department, former Wachovia CEO Robert Steel, with the help of former Goldman Sachs colleague Peter Weinberg and Goldman Sachs, misled Wachovia’s board of directors to sell Wachovia to Wells Fargo for a $50 million commission split between Perella Weinberg Partners and Goldman Sachs, without telling Wachovia shareholders of massive undisclosed Federal Reserve credit lines.

    As Wells Fargo also borrowed from the same Term Auction Facility with a massive undisclosed credit line, both Steel and Wells Fargo CEO John Stumpf illegally traded their company’s stocks with inside information and falsely certified SEC and merger related court filings.

    After paying Peter Weinberg’s Perella Weinberg Partners $25 million and Weinberg and Steels’ former employer Goldman Sachs $25 million to advise Wachovia on the merger with Wells Fargo, Steel became CEO of Perella Weinberg Partners in 2014.

    Robert Steel then earned some of the money he allocated to Perella Weinberg Partners as Wachovia’s CEO after he sold Wachovia to Wells Fargo for substantially less than it was worth and misleading a North Carolina Business Court without consequence, costing Wachovia shareholders including North Carolina’s pension plan more than $42 billion.

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