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Wachovia Bank Accused Of Conspiring|With Telemarketers To Defraud Old Folks

PHILADELPHIA (CN) - Wachovia Bank is accused of conspiring withtelemarketers who defrauded old people of millions of dollars. The federal class actionsaysWachovia set up accounts forfraudulent "payment processors" working withthe telemarketers, even after Wachovia had beenwarned by other banks of the extensive fraud being committed againstthe elderly.

The payment processors named in the complaint are Payment Processing Center, Netchex, Your Money Access, and Guardian Marketing Services Corp. The action says the bank knew its accounts were being usedto target old people for fraud, and that "Wachovia continued to participate in the scheme after being told by other banks of the fraud committed by telemarketers and their accomplices, the payment processors".

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