Wells Fargo Kickback Payment Scheme
|Illegal Kickbacks||Investment Fraud|
Wells Fargo participated in a kickback scheme by selling "Shelf Space Funds" to its unsuspecting customers. Wells Fargo used its broker/dealers to push its investor clients into buying shares of "Shelf Space Funds" because those funds earned Wells Fargo illegal kickback payments and other improper incentives.
Pursuant to the Settlement Agreement approved of on February 5, 2008, Wells Fargo paid $1.15 million in cash into a Settlement Fund, which was distributed amongst the claimants proportionally.
A copy of the Order Granting Final Approval can be found below.
The deadline to file a claim was April 5, 2008.