Former Wells Fargo financial adviser Paul Zoch accused of duping investors
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As reported in InvestmentNews, three Raymond James entities have agreed to pay over $15 million to resolve an investigation by the SEC. The settlement and SEC order focused on Raymond James’s actions in improperly charging certain clients advisory fees when the...read more
While working as a financial adviser for Wells Fargo in Florida, Paul Zoch has been accused of helping to lure investors into a fraudulent movie financing scheme and of mishandling other clients’ funds. For Wells Fargo, the movie scam and other charges are merely the latest in a series of scandals.
Lawsuits generated by the movie investment scam, which involved Zoch and other employees of the financial services company, have so far extracted more than $60 million in settlements from Wells Fargo.
According to court documents, Zoch and others used their status as Wells Fargo employees to help convince investors to fund short-term loans to a company that claimed to be in the movie financing and production business. However, instead of being repaid with interest, those funds were removed from the designated account and disappeared.
The scam was orchestrated by those outside Wells Fargo, but the company is no stranger to malfeasance. Recent years have seen a spat of disquieting revelations about the company: that Wells Fargo employees opened unauthorized accounts and credit card applications to meet quotas; that Wells Fargo employees charged auto loan customers for unnecessary insurance; and that Wells Fargo made unauthorized extensions to home mortgages to customers in bankruptcy to rake in higher interest payments.
If you or a loved one has been exploited by a stockbroker or financial adviser at Wells Fargo (or at another financial institution) we may be able to help you recover those losses through FINRA Arbitration.
FINRA Arbitration is a unique, narrow area of the law. Our attorneys have extensive experience working within FINRA and we specialize in bringing these arbitration claims on behalf of investors. We accept all cases on a contingency basis. We only get paid if and when you collect money. Time to file your claim may be limited, so call 877-445-9261 now to speak to an attorney for free.