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Wells Fargo Fires More Than 100 Employees For Abusing Coronavirus Relief Funds

(RTTNews) - Wells Fargo has fired more than 100 employees for improperly applying for coronavirus relief funds, according to reports.

The move comes a month after JP Morgan found dozens of employees allegedly accessed the relief funds improperly, and terminated them.

Wells Fargo believes some of its employees may have defrauded the U.S. Small Business Administration by making false representations in applying for coronavirus relief funds for themselves through the Economic Injury Disaster Loan program, the reports said citing an internal memo sent by David Galloreese, head of Human Resources of Wells Fargo.

Employees are accused of defrauding the Small Business Administration by tapping the Economic Injury Disaster Loan program, which provides grants of up to $10,000 and low interest loans to businesses.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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