Trademark Scam Relied on Branch Manager
Scammers ran a mass-mailing scheme to offer bogus trademark services to applicants. A Wells Fargo branch manager in California instructed subordinates to open bogus bank accounts to deposit the checks and process fraudulent withdrawals, with cashier's checks and wire transfers made out to gold dealers. The branch manager made payments and promises of promotion to subordinates, and managed to launder more than $1 million before Wells Fargo's loss prevention office flagged the bogus accounts for closure. [3/14/17]


