LOS ANGELES - Roughly 100 to 125 Wells Fargo employees have been terminated after they allegedly fraudulently obtained coronavirus relief funds intended for small businesses, according to a source familiar with the situation.
In a memo released by David Galloreese, the company’s head of human resources, the employees allegedly “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.”“We have terminated the employment of those individuals and will cooperate fully with law enforcement.