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The bank found staffers who it believes defrauded the U.S. Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves,” according to the Bloomberg report.
The abuse was tied to the Economic Injury Disaster Loan program and outside the employees’ roles at the bank, the report said.
Wells Fargo did not immediately respond to a Reuters request for comment.
In May, the fourth largest lender said U.S. agencies were probing its handling of the Paycheck Protection Program for coronavirus relief.
