SACRAMENTO – Wells Fargo is the target of a California Department of Insurance Investigation that was sparked by an accusation made by a former Prudential Company Employee. Prudential has a partnership with Wells Fargo to sell Prudential products to customers, but has been accused of signing up customers for Prudential insurance without their authorization.
California Department of Insurance Commissioner Dave Jones is asking investigators to intensively investigate all aspects of the allegations, including the possible violations of laws requiring a person transacting insurance to have a department issued license.
“Investigators with the California Department of Insurance will investigate new allegations of fraud and misconduct made by former Prudential employees regarding Wells Fargo and its employees,” said Commissioner Dave Jones. “Former Prudential employees who filed a whistleblower lawsuit allege that Wells Fargo signed up consumers for Prudential insurance policies without consumer permission much as Wells Fargo admitted its employees illegally signed up consumers for bank products without permission. We will also examine Prudential Insurance company’s practices in this regard.“
Wells Fargo admitted to thousands of their employees creating as many as two million unauthorized accounts. The California Department of Insurance and the New Jersey Division of Insurance are both investigating this issue.
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