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Accusations of Fraud at Wells Fargo Spread to Sham Insurance Policies

December 10, 2016 /

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The MDT Disadvantaged Business Enterprise (DBE) Program encourages and supports the participation of companies owned and controlled by socially and economically disadvantaged individuals in transportation contracts.

When Wells Fargo admitted a few months ago that thousands of its employees had created as many as two million unauthorized accounts for its customers, alarm bells went off at Prudential, one of the nation’s biggest insurance firms.

Wells Fargo has a partnership with Prudential to sell a low-cost life insurance policy to the bank’s retail customers. After news of the Wells Fargo settlement in September, Prudential ordered an internal review of its dealings with the bank, to make sure nothing was amiss with the joint endeavor.

By STACY COWLEY and MATTHEW GOLDSTEIN

Full Story: http://www.nytimes.com/2016/12/09/business/dealbook/wells-fargo-accusations-sham-insurance-policies.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news

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