Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

Wells Fargo still busy putting it to you.

HOW can WF still have ANY customers??? Never underestimate the ignorance of the American public. Again. More's the pity that "regulators" can do no more than THIS!
https://www.bloomberg.com/news/articles/2018-02-02/wells-fargo-banned-from-growing-in-fed-crackdown-after-scandals

Comments

  • beebee
    edited February 2018
    Miscreants who deserve far worse... My mom, who is now 94, was bilked by WF Advisors of her last few savings.

    A short excerpt of her experience (WF Advisors had bought UTA as part of a put/call income strategy):
    I wanted to share some information about Wells Fargo Advisors. Even though my mom's account had been closed in Dec of 2011 there was still a security (UTA) that had not been sold. My mom received a 1099 for 2012 when WFAdvisors finally sold the stock in October of 2012. My mom took a $2600 loss on the 200 shares of UTA. These shares and this company (UTA) were a fraud. When everything was said and done it left my mom with $122, of which, WFAdvisors took an $85 account maintenance fee (even though she had closed the account a year earlier) leaving her with just $36. Ouch!
    Fraud at UTA:
    businessinsider.com/did-bronte-capital-already-take-profits-on-their-massive-uta-short-2010-9

    Thank you Ms. Yellen.

    https://nytimes.com/2018/02/02/us/politics/yellen-departing-fed-will-join-brookings.html
  • Sad and angry about what they did to your mother. Surely, she's not the only one.
  • My company's 401k is with them. I don't have much of a choice. I'd move my money in a heartbeat if I just had the choice.
  • Their stock market ticker symbol (WFC) says it all ... We Fleece Customers!
  • edited February 2018
    @Brianw. You must be able to rollover part or full as on date to your ira. In prudential with limited funds, I rolled over twice to vanguard in last 9 years. Final rollover will next month when I retire.there must be a way out
  • @dicksonL. I tried and the answer was 'no'. For this portion of my investments, I'm stuck with crappy funds, administered by a crappy company.
Sign In or Register to comment.