Kazerouni Law Group, APC A Consumer Protection Law Firm
866-855-6173
Free Evaluation
We have obtained more than $350 million for consumers nationwide.
10.0Mohammad Reza Kazerouni

Wells Fargo Woes with Chip

On Sept. 9 managing partner Abbas Kazerounian was a guest on "The Chip Franklin Show," a radio talk show broadcast on San Francisco's KGO10. Kazerounian was brought on to shed light on the Wells Fargo in which employees were setting up credit card accounts for clients without their permission. Franklin's first question to Kazerounian surrounded how the Wells Fargo employees were able to pull this off?

"The way that this happened is that it happened to pre-existing customers of Wells Fargo," Kazerounian said. "The employees were put on a bonus-incentive program. What they were doing was using the data they already had on pre-existing clients and just setting up new accounts and transferring funds from existing accounts into the new accounts without authorization from the clients."

Credit card .jpg

Franklin, after hearing this explanation expressed his opinion that these actions should result in criminal charges as well as civil. Kazerounian went on to explain that he agrees there are criminal implications, and that he, along with the rest of the attorneys here at KLG are looking into whether there are civil penalties that can be brought through civil lawsuits.

"The $185 million was a lawsuit that was brought by the city attorney Mike Furrer in LA so that's going to the Government, Kazerounian said. "There is a restitutionary portion to that, but I still think that consumers out there potentially deserve more money and that's something that myself and other attorneys are looking into."

Franklin moved on to ask about the hierarchy within Wells Fargo and who's directly responsible for these bogus accounts. He was sure it must be high up in management because tellers were way too low to have that Kind of power, but Kazerounian didn't necessarily think that it all came from the top.

"I don't think it would have to go that high because tellers would have access to the information they need like social security numbers and addresses," Kazerounian said. "If these are the people who are given the task of setting up new accounts all they would have to do is look up one person's account, get that data, assume they want to set up another, and set it up fraudulently."

Kazerounian believes that this scam was able to carry on for as long as it did due to the lack of diligence among the American people when it comes to checking things like their credit reports and bank statements. He emphasized the fact that we all live in a credit based system and we must act accordingly. Speaking from personal experience and the years he's spent representing consumers facing massive debt and terrible credit reports, he hopes in the future people are more prompt and efficient when monitoring their credit.

hackerFranklin, to close the segment moved the conversation toward more global repercussions and discussed the concerns raised in today's world where computer hackers across the globe are capable of wreaking havoc on just about anyone with a click of their mouse. Kazerounian added that it's in fact a scary time in more ways than one, but when it comes to protecting our bank accounts and assets that all we can do is take as much precaution as possible.

The age of information has its benefits and its downfalls. The same expansion of knowledge that allows us an ever-growing encyclopedia at our fingertips also allows for criminals to have much easier access to our private records. If you or someone you know is the victim of credit fraud, please contact Kazerouni Law Group at 800-400-6808 and let us strengthen the barricade between your private finances and those who want to hurt them.

No Comments

Leave a comment
Comment Information

Great Results!

We have obtained more than $300 million for consumers nationwide over the past five years.

See Our Results

Advocating For You And Your Family

You will receive personal service and attention throughout your case from experienced attorneys. Learn about your rights and how we can protect you. Call 866-855-6173 to arrange a free evaluation with our lawyers or contact us online.

Contact Us Today!

Bold labels are required.

ERROR: Please enter a site level or form specific email address in the application.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Highest Standard Of Legal Excellence

Contact Information

Costa Mesa Office
245 Fischer Avenue
Suite D1
Costa Mesa, CA 92626

Toll Free: 866-855-6173
Phone: 949-612-9999
Fax: 1-800-520-5523
Costa Mesa Law Office Map

San Diego Office
2221 Camino del Rio South
Suite 101
San Diego, CA 92108

Toll Free: 866-855-6173
Fax: 1-800-520-5523
Map & Directions

Burbank Office
2600 West Olive Avenue
5th Floor
Burbank, CA 91505

Toll Free: 866-855-6173
Fax: 1-800-520-5523
Map & Directions

Arroyo Grande Office
1303 East Grand Avenue
Suite 201A
Arroyo Grande, CA 93420

Toll Free: 866-855-6173
Fax: 1-800-520-5523
Map & Directions

Riverside Office
7121 Magnolia Avenue
Suite J
Riverside, CA 92504

Toll Free: 866-855-6173
Fax: 1-800-520-5523
Map & Directions

Ranch Cucamonga Office
9431 Haven Avenue
Suite 100
Ranch Cucamonga, CA 91730

Toll Free: 866-855-6173
Fax: 1-800-520-5523
Map & Directions

St. George Office
169 W 2170 S Cir.
Suite 204D
St. George, UT 84790

Map & Directions

Las Vegas Office
6069 South Fort Apache Road
Suite 100
Las Vegas, NV 89148

Map & Directions

Phoenix Office
2633 E. Indian School Road
Suite 460
Phoenix, AZ 85016

Map & Directions

Dallas Office
1910 Pacific Ave
Suite 14155
Dallas, TX 75201

Map & Directions

Disclaimer

The information provided on this website is for informational purposes only and should not be construed as legal advice or as forming an attorney-client relationship. No attorney-client relationship between the reader and Kazerouni Law Group APC is created by this site, and no reader should act or refrain from acting on the basis of any content in this site.

Review Us

Additional Offices

Follow Online