Wendy Williams – Reps Call Out Wells Fargo For ‘Loophole’ Rule That Led Them To Freezing Talk Show Host’s Bank Account: It Is Attacking The Finances Of Americans At Large

Wendy Williams – Reps Call Out Wells Fargo For ‘Loophole’ Rule That Led Them To Freezing Talk Show Host’s Bank Account: It Is Attacking The Finances Of Americans At Large

Wendy Williams‘ war with Wells Fargo has been a hot topic as of late.

As previously reported, Wendy Williams’ bank account was frozen by Wells Fargo over concerns of “financial exploitation, dementia or undue influence.” The bank has reportedly labeled Wendy Williams as an “incapacitated person” who needs guardianship. However, Wendy Williams has pushed back against those claims and is now suing to regain access to her account.

Wendy Williams

Wendy Williams’ lawyer, Lashawn Thomas, recently explained how Wells Fargo was able to freeze her client’s bank accounts. She said:

“Basically, what Wells Fargo is using is a rule that was promulgated by an organization called [the Financial Industry Regulatory Authority] FINRA and under that rule, it grants Wells Fargo the right to suspend a transaction in the event they deem that the transaction is of suspicious nature or they feel that the individual who is conducting the transaction is doing so against their will.”

Wendy Williams

Maxwell Billieon, a political strategist for Wendy Williams, elaborated further. He claimed that under the rule, evidence isn’t even required in order to suspend a person’s access to their money.

“It is a loophole that allows people like [West Fargo adviser] Lori Schiller, Wells Fargo, and other banks to have presence in your account, as an American citizen, without having to have any proof, any evidence of you being incapacitated or being taken advantage of, and just being able to say ‘I believe that this person is being taken advantage of, so we have the right to freeze their money.’ This is possible, this could literally happen to you today under rule 2165 of Finra.”

Billieon then called for a change to the questionable rule. He said:

“That is what we must do today. We can look at the Wendy Williams case as the perfect opportunity and blueprint to make this change immediately. So I am calling, I am reaching out to all legislators across the board in America, to pay very close attention and to get involved in this matter, because it is not just attacking Wendy Williams, it is attacking the finances of Americans at large.”

What do you think of the rule and Williams’ situation with Wells Fargo? Let us know in the comments!

[Source: 1, 2]