Wells Fargo Bank NA is facing a proposed class action in Florida federal court, accused of aiding and abetting a $300 million Ponzi scheme that deceived over 1,000 investors, many of whom were elderly and lost substantial life savings.
Plaintiff Fanny Millstein filed the complaint on Tuesday, alleging that from 2011 to 2021, Wells Fargo was aware of and assisted in the Ponzi scheme orchestrated by Marshal Seeman, Eric Holtz, and Brian Schwartz through several entities, including Para Longevity, Centurion, and National Senior Insurance Inc. While these individuals are not defendants in the current suit, they were named in a separate action filed by Millstein in 2021, which was voluntarily dismissed.
The complaint alleges that National Senior Insurance and its agent sold promissory notes to investors, claiming they were secured by life insurance policies known as “stranger-originated life insurance” (STOLIs) and life settlements. Investors were promised returns funded by the death benefits of these policies.
