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Fraud alarm incites bank firings

Northwest Arkansas Democrat Gazette

Wells Fargo & Co. fired more than 100 employees suspected of defrauding the Small Business Administration in applications to a pandemic relief loan program.

An investigation by the Charlotte, N.C., bank found that some workers had made false representations in applications for relief funds through the federal agency's Economic Injury Disaster Loan program, according to an internal memo. The program is a key part of the government's effort to prop up businesses during the pandemic.


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