• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

What is Proof-of-Authority (POA) Consensus in Blockchain?

2025-05-09

What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

2025-05-09

ZachXBT reveals Coinbase users lost another $45M in a week to ongoing social engineering scams

2025-05-07

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What is Proof-of-Authority (POA) Consensus in Blockchain?

    2025-05-09

    What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

    2025-05-09

    What is a Layer-1 (L1) Blockchain? L1 Problems & Future

    2025-05-03

    What is a Layer-2 (L2) Blockchain Solution? Types & Problems They Solve

    2025-05-02

    What Is a Layer-0 Blockchain Protocol?

    2025-05-02
  • Videos

    Bitcoin Won’t Be Fine, Bitcoin Will Be Fine

    2025-05-07

    Bitcoin PUMPS Ahead of FOMC Press Conference

    2025-05-06

    Bitcoin Core Removes The Mask

    2025-05-06

    Next CME Gap For Bitcoin to Fill (GET READY!!)

    2025-05-05

    How To Run A BITCOIN NODE: Knots on Desktop, Umbrel and Start9

    2025-05-05
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»Regulation»Wells Fargo, Morgan Stanley and Bank of America Accused of Cheating Customers Out of Billions of Dollars in Interest Payments: Report
Regulation

Wells Fargo, Morgan Stanley and Bank of America Accused of Cheating Customers Out of Billions of Dollars in Interest Payments: Report

2024-08-10No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bank Employee Attacks Hundreds of Accounts, Sells Customers' Payment and Personal Data in Insider Scheme: US Justice Department
Share
Facebook Twitter LinkedIn Pinterest Email

Wells Fargo, Morgan Stanley and Bank of America are among a group of Wall Street banks accused of bilking customers out of billions of dollars in interest payments, according to a new report.

The U.S. Securities and Exchange Commission is probing the banks to determine whether they purposefully directed clients toward “cash sweep” accounts that paid little to no interest, reports the Financial Times.

Cash sweep accounts are designed to shift idle cash into investment vehicles that earn interest, and all three banks are already facing proposed class action lawsuits alleging they prioritized their own profits by placing clients’ funds in low-interest options without proper disclosure.

The revelations have emerged from new Quarterly filings with the SEC.

In those filings, Wells Fargo says it’s in “resolution talks” with the agency over the issue, Morgan Stanley says the agency began asking questions about it in April and Bank of America confirms it’s currently being scrutinized.

All three banks have declined to comment on the matter.

Other financial firms involved in lawsuits related to cash sweep accounts include LPL Financial and Ameriprise.

LPL Financial says it plans to “vigorously” defend itself against the allegations, while Ameriprise has not released a public statement on the matter.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

See also  US Crypto Firms Break New Record, Spending $18.96 Million on Lobbying in 2023: Report
Accused America bank Billions Cheating Customers dollars Fargo Interest Morgan Payments report Stanley Wells
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Global Bank Predicts RECORD Bitcoin High – How Soon Will BTC Explode?

2025-04-29

Life Before & After Bitcoin: How Crypto Changed Everything (And Why We Left America)

2025-04-27

Crypto Is Taking Over America… Here’s The Proof!

2025-04-17

Altcoin Season In Dollars… Not in Bitcoin!

2025-04-15
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Metaverse

Decentraland Redefines Metaverse Connectivity

2023-08-01

Decentraland, the pioneering virtual playground, has introduced a groundbreaking update to boost interoperability. Now, players…

Analysis

Largest Bitcoin ETP outflow since March as profit taking continues

2023-08-07

The exchange-traded digital asset market has seen considerable outflows this week, marking a total of…

Videos

Bitcoin Bulls Are Back…Bitcoin Spot ETF Approved REPORTEDLY!

2023-10-16

Today let’s talk about Bitcoin, Crypto, and the US Market. A short squeeze is sending…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

What is Proof-of-Authority (POA) Consensus in Blockchain?

2025-05-09

What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

2025-05-09

ZachXBT reveals Coinbase users lost another $45M in a week to ongoing social engineering scams

2025-05-07

Bitcoin Won’t Be Fine, Bitcoin Will Be Fine

2025-05-07
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 103,639.77
ethereum
Ethereum (ETH) $ 2,360.05
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.38
bnb
BNB (BNB) $ 661.69
solana
Solana (SOL) $ 171.66
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.221673
cardano
Cardano (ADA) $ 0.787417
tron
TRON (TRX) $ 0.262969
bitcoin
Bitcoin (BTC) $ 103,639.77
ethereum
Ethereum (ETH) $ 2,360.05
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.38
bnb
BNB (BNB) $ 661.69
solana
Solana (SOL) $ 171.66
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.221673
cardano
Cardano (ADA) $ 0.787417
tron
TRON (TRX) $ 0.262969