Banks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier.
State Treasurer John Chiang says that Wells Fargo is keeping patterns of abuse hidden from view by resolving customer disputes through private arbitration.
Panelists: Ron Carson, Founder and CEO, Carson Group; Marthin De Beer, CEO, BrightPlan; Angela Pecoraro, CEO, Advicent; Eduardo Queen, Director of Digital Investing, Wells Fargo Advisors.
The company's brokerage unit agreed to pay $5.1 million to settle claims that employees persuaded clients to sell certain investments before maturity in order to collect higher fees.
Some clients of Wells Fargo's wealth-management division were steered into investments that weren't always in the best interests of clients, according to several people familiar with the unit.
