If found guilty, Wells Fargo will have to pay hundreds of millions back to the federal government. However, prosecutors must be able to prove without a shadow of a doubt that Wells Fargo intended to defraud the government and this may prove tricky.
As you will see in the FBI report, there is a whole lot of “good news/bad news.” The good news is that lots of people are being busted for crimes like fraud and theft. The bad news is that the bad guys are getting really good at using technology to make their scams a whole lot more convincing.
But a recent resurgence of what was once considered a flash-in-the-pan identity theft scam has many in the industry wondering if this isn’t the sign of the next big con artist moneymaker.
Someone asking you to invest in buying, renovating and selling properties might seem like a real estate market savvy business person in the current market but then again over 500 victims and $30 million were racked up by what can be really can be called a Ponzi scheme.
The lower credit scores for those asking for help seems to be part of a vicious downward cycle.
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