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Wells Fargo Schemer Pleads Guilty

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Ronald Reed plead guilty to bank fraud in the wake of a massive scheme involving Wells Fargo customers. Reed and three others supposedly used customer information to create fake forms of identification so that they could withdraw money from victims’ accounts.

The Santa Cruz Sentinel discusses the plea further.

Sixty-nine-year-old Ronald Reed of Inglewood entered the pleas Thursday. He’s facing up to 32 years in federal prison.

Reed was among eight people charged with accessing customer account information and creating fake IDs in order to withdraw money from their accounts. The transactions were made at Wells Fargo branches across Southern California and in other states, including Minnesota and Nevada.

Reed has agreed to pay nearly $600,000 in restitution.

Three other former Wells Fargo employees are currently awaiting sentencing.

 

Photo by Mike Mozart via Flickr CC License

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