New Tax-Credit Investigation May Trip Up Wells Fargo
Add low-income housing to the list of legal woes.
What? Not again.
Photographer: Christopher Dilts/Bloomberg
As much as Wells Fargo & Co. wants the public to believe it has put its troubled past behind it, yet another legal tangle shows it still doesn’t have a handle on its own questionable behavior.
In the latest turn of events, the Department of Justice has started an investigation into whether Wells Fargo colluded with developers to submit low-ball bids on tax credits that support low-income housing projects, according to people close to the matter who were not authorized to discuss it publicly. The probe started in Miami but has now been referred to the corruption unit of the Department of Justice, which is looking into deals involving Wells Fargo nationwide, one of these people said.