We are literally discussing a company being found by the SEC to have sold an investment asset without appropriate disclosure and that asset being closed to American investors. This is not the example to make your case with.
Why not? I could find countless SEC violations that are far worse than this from banking institutions that I guarantee you use on a weekly or monthly basis. Are those scams?
FWIW, no. After the savings and loan crisis a lot of that went away.
Especially not typically fraudulent are the APY yield savings accounts whose deposits are insured.
Also I doubt you could find countless violations outside of (maybe?) insider trading based on MNPI at these institutions, but if you know of them you should report them - whistleblowers can make a lot of money!!
Yes, yes they often are. But I think you'll be hard-pressed to find many examples of legitimate banks having their primary customer offering being declared illegal and forced to stop operation immediately.
Yes, that was a fraud. I was personally a victim of it. I will never do business with Wells Fargo again in my lifetime. That doesn't mean I think all banks are fraudulent. In particular I appreciate that there was a regulatory mechanism in place to protect consumers from that fraud.
