Wells Fargo loan gone terribly bad!

Wells Fargo SBA commercail lending division. In early 2000 a Wells Fargo bank employee contacted me through an Iowa Small Business Development Center. The banker for Wells Fargo came back and forth to see me for several months gathering information for a U.S. Small Business Administration loan. A requirement of Wells Fargo was for me to create a corporation in order to seperate any personal assets my husband and I owned together from previous businesses we owned. My husband owned a small landscaping business and had road construction machinery fully paid for that he used to help me start a mining operation. Wells Fargo was fully aware of this at that time. (Unkown to me at that time. Documents were being altered in this loan transaction by Wells Fargo for the loan to my newly formed corporation that Wells Fargo required.)

The equipment I purchased new from a manufacturer of mining equipment sent my first peice of equipment designed to fail from the manufacturer. My husband was in an accident within three months of the loan finalization. My loan funds were misreported to me by Wells Fargo. My coumputer had several major crashes in this first three months of the loan from Wells Fargo. All the while I was thinking Wells Fargo was truly trying to help me get my business started. My husband and I had already put our life savings into in preparation to operate a high grade road materials mine for over three years prior to Wells Fargo contacting me to offer their assistance.

On September 11, 2001 the factory of the mine equipment the Conveyor Company the manufacture of a Kolman screening plant had their egineer there at my mine site. He was supposed to be insuring this first machine sent was in proper working order. The machine toppled over. Between September 11 and October 10 2001, I had the wash-plant from the same company setup to fill my first road contract. The manufacture's representatives blew this equipment up. For three days we ran aproxamitely $8,000.00 of material per day. This company would be filling a very large order for a million dollars to Martin Marietta a large mining corporation from late 2001 through the spring of 2002. I denied any offer Martin Marietta had made to become their partner. I would find in my research in the years to come, at that time Wells Fargo employees retirement fund consisted of 33% of Martin Marietta stock.

Concerning the truck accident, the Hartford Company was the other vehicles insurance company. Wells Fargo was purchasing a large portion of Hartford at the time. Hartford and our insurance company determined Hartford's client was 95% at fault in mediation. We did not recieve a dime to replace his truck or any of the equpment lost or his injuries. His truck was also our snowplow which provided much of our winter income when needed. This accident was in December 2000. Ironically the wife of the man who caused the accident, a recently retired Norwest employee.

We would not find out until 2002 that Wells Fargo had made claim to the mine land on a false addition to the UCC filing I had signed. When I refused to sign a waiver releasing Wells Fargo from anything they had done wrong. Mayhem ensued. We were literally stripped of privately owned property both my husband and I. Threaten with arrest for making written complaints to the local law enforcement. Our home was raided. Wells Fargo sold everything an auction for pennies on the dollar. Much of the equipment was destroyed in seizure to make it useless in case my husband had a chance to buy his equipment back.

We would not discover that payments my parents had made on a wire transfer from (First Security bank purchased by Wells Fargo)to Wells Fargo Minnesota for the loan to help me were not credited to the loan account until 2003. I could find no record in documents reflecting where Wells Fargo put these funds as credit into my business loan accounts, loan or checking either one. We had no other accounts with Wells Fargo.

Wells Fargo filed false reports with SBA and misleading documents to the courts, along with solely bank created documentation, added to documents that were altered and admitted to being altered in court. Being financailly stripped we could not defend against these actions. We found out later our attorney also worked for Norwest. Norwest is Wells Fargo. Norwest bought the use of Wells Fargo's name in the late 1990's. The deal was consumated in 2000. We were not aware of this all until it was to late. Wells Fargo cost us millions.

I cannot possibly put all the details in a short post. I can only say run from Wells Fargo as fast as you can.

Becky Feel free to post this email address Email User

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