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Wells Fargo fires 100 employees for misrepresenting themselves to access Covid-19 relief funds

October 14, 2020. Summarized by summa-bot.

A pedestrian wearing a protective mask walks past a Wells Fargo & Co. bank branch in New York, U.S., on Thursday, July 9, 2020. Wells Fargo is scheduled to release earnings figures on July 14. Photographer: Peter Foley/Bloomberg via Getty Images

Wells Fargo has fired more than 100 employees for misrepresenting themselves to obtain money from a relief fund for small businesses, and whose actions may have amounted to defrauding the US Small Business Administration.

New York (CNN Business)Wells Fargo has fired more than 100 employees for misrepresenting themselves to obtain money from a relief fund for small businesses, and whose actions may have amounted to defrauding the US Small Business Administration.

In a memo to some staff Wednesday, which was obtained by CNN Business, Wells Fargo (WFC) human resources head David Galloreese wrote that the bank identified employees whom it believes may have "defrauded the U. S. Small Business Administration (SBA) by making false representations in applying for coronavirus relief funds for themselves through the Economic Injury Disaster Loan program, which is administered directly through the SBA. "

Between 100 and 125 Wells Fargo employees were fired as a result, and an internal investigation is ongoing, a person familiar with the situation told CNN Business.

Wells Fargo isn't the first to have concerns about the misuse of government stimulus funds intended to help small businesses suffering from the fallout of the coronavirus pandemic.

Galloreese noted in the memo that the employees' actions announced Wednesday were taken outside of the employees' work responsibilities and did not involve customers.

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