Wells Fargo Bank Succeeds in Getting Remaining Claims Related to Nadel’s Ponzi Scheme Dismissed
Yesterday, Wells Fargo Bank NA was successful in having the remaining claims the bank failed to properly monitor the account activities of convicted hedge fund manager Arthur Nadel. The federal judge found no evidence was presented to substantiate the claims the bank knew about Nadel’s $168 million Ponzi scheme or failed to act in good faith.
In what appears to be a trend (see yesterdays blog), recent court rulings are showing how difficult it is for investors to prove banks were complicit or should have known about the ponzi schemes that cost unwitting investors millions of dollars. In this instance the judge wrote “the record is clear … that the bank was unaware of the Ponzi scheme until it became public.”
If you lost money as a result of this or any other ponzi scheme, contact the experienced securities fraud attorneys at Colling Gilbert Wright & Carter today for a free case evaluation.