New Wells Fargo Investigation Focuses On Bank Defrauding Taxpayers

A New Wells Fargo Investigation Focuses On The Bank Committing Low-Income Housing Tax Credit Fraud

Wells Fargo investigationA new Wells Fargo investigation is underway by the USDOJ in Miami. The DOJ has convened a grand jury.
The DOJ is accusing Wells Fargo of colluding with affordable housing developers nationwide. The scheme involved driving down the prices of low-income tax credits. Wells Fargo potentially defrauding hundreds of millions of dollars from the federal program.
Assistant U.S. Attorney Michael Sherwin declined to comment on Wells Fargo specifically. However, he did say that his investigation was continuing and that it was looking at the entire industry.
Wells Fargo is the largest buyer of the tax credits under the program. The bank said that it had invested $9 billion into the program over the previous five years. Banks benefit by buying the tax credits through tax write-offs and credit under the Community Reinvestment Act.
Read more at MFI-Miami

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