{"id":153137,"date":"2025-03-17T11:08:30","date_gmt":"2025-03-17T09:08:30","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=153137"},"modified":"2025-03-17T11:08:30","modified_gmt":"2025-03-17T09:08:30","slug":"wells-fargo-sues-jpmorgan-over-alleged-fraud-in-481-million-real-estate-loan","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/wells-fargo-sues-jpmorgan-over-alleged-fraud-in-481-million-real-estate-loan\/","title":{"rendered":"Wells Fargo Sues JPMorgan Over Alleged Fraud in $481 Million Real Estate Loan"},"content":{"rendered":"<p>According to the <strong><a href=\"https:\/\/www.reuters.com\/markets\/wealth\/wells-fargo-sues-jpmorgan-over-troubled-481-million-real-estate-loan-2025-03-10\/\">lawsuit<\/a><\/strong>, JPMorgan allegedly approved a $481 million loan in 2019 for the Chetrit Group to acquire a portfolio of 43 apartment complexes spanning 10 states. Wells Fargo, acting as trustee for investors, argues that JPMorgan was aware the financial records underpinning the deal were fraudulent yet proceeded with the transaction.<\/p>\n<p>The lawsuit contends that both JPMorgan and Chetrit knew the buildings\u2019 historical net operating income had been artificially inflated by 25% before the sale, which was finalized at $522 million. This figure is crucial in real estate financing, as it helps determine the true value and earning potential of a property.<\/p>\n<p>Wells Fargo alleges that JPMorgan ignored red flags and approved the deal to collect substantial fees, expecting the properties to be offloaded onto unsuspecting investors. However, when the loan went bad in 2022, those investors suffered significant financial losses.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/investors-shift-focus-from-memecoins-to-fundamental-altcoins\/\" title=\"Investors Shift Focus from Memecoins to Fundamental Altcoins\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/10\/datainfomonitor-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Investors Shift Focus from Memecoins to Fundamental Altcoins<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>The lawsuit claims JPMorgan failed to properly investigate discrepancies in the financial data and did nothing to correct known errors before proceeding. Wells Fargo is now demanding that JPMorgan either cover the damages or buy back the troubled loan to compensate investors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A major legal showdown has erupted between two of the top U.S. banks over a massive commercial real estate loan, with Wells Fargo taking JPMorgan Chase to court over claims of financial misconduct.<\/p>\n","protected":false},"author":9,"featured_media":26244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-153137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wells Fargo Sues JPMorgan Over Alleged Fraud in $481 Million Real Estate 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