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Wells Fargo executive added to government ‘reckless’ spending lawsuit

Kurt Lofrano’s job included self-reporting materially defective loans to the U.S. Department of Housing and Urban Development

Once the JPMorgan settlement was set, U.S. Attorney General Eric Holder said that other banks would be next on the government’s radar. It looks like the Department of Justice didn’t leave much time for the dust to settle: A Wells Fargo executive has been added to a government lawsuit over “reckless” spending leading up to the financial crisis.

Wells Fargo Vice President Kurt Lofrano, who was in charge of the company’s quality control, has been named as an additional defendant in the government’s lawsuit against the bank. The government says that Lofrano’s job included self-reporting materially defective loans to the U.S. Department of Housing and Urban Development (HUD), according to the Wall Street Journal (WSJ).

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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