Older California Couple Files Elder Exploitation Lawsuit Against Schwab, Bank of America, & Unchained Trading
Plaintiffs Lost Over $18.5M in Cryptocurrency Scam
Two older investors have filed an elder exploitation lawsuit accusing Bank of America, Charles Schwab, and Unchained Trading of failing to protect them from a scam that cost them more than $18.5M.
The California couple contends that despite evidence that they were the victims of a major investment scheme, the three defendants allegedly did not enact the necessary protocols to stop the fraud. Instead, rather than taking action to protect these two seniors and their money, they purportedly tried to upsell them with more fee-generating services.
The couple had accounts consisting of a portfolio worth millions of dollars at TD Ameritrade for decades. After Schwab acquired TD Ameritrade, their accounts were transitioned to Schwab.
In July 2024, one of the plaintiffs was notified that their accounts were compromised. An individual that the investor in his lawsuit calls a “Schwab Threat Actor” communicated with him and “provided confidential information that only a Schwab insider would know” about him and his wife.
This threat actor, whose identity and actual affiliation with Schwab remains unknown, purportedly told them to move their assets out of Schwab and set up an account with cryptocurrency exchange Unchained Trading. These two retirees lacked any cryptocurrency experience.
While more than $18.5M of the plaintiffs’ money was lost in what is believed to be a crypto scam, at one point more than $29.5M was moved from the couple’s accounts to outside financial institutions. $22M was transferred from Bank of America to Unchained Trading. The latter is where $18.5M was converted to bitcoin and withdrawn.
In their elder financial abuse lawsuit, the older couple is alleging gross negligence, senior exploitation, wire fraud, cryptocurrency fraud, and more.
Representing Older Investors and Others Against Negligent and Unscrupulous Broker-Dealers
The Shepherd Smith Edwards and Kantas Elder Financial Exploitation Law Firm (investorlawyers.com) represent investors in pursuing damages from the broker-dealers whose negligence or fraudulent actions caused or enabled the investment losses of their customers. Unfortunately, elder financial exploitation costs older persons billions of dollars each year. If you or someone you love would like to explore their legal options, contact us today.
Older Investor Wins $100K FINRA Arbitration Award Against TD Ameritrade
We recently secured a $100K FINRA arbitration award on behalf of an elderly investor against TD Ameritrade after he was defrauded by scammers who managed to take money from his accounts with the firm.
Defrauding investors through online platforms does occur, which is why broker-dealers need to ensure they implement the proper security measures to protect customer’s money. A failure to recognize red flags indicating a potential scam can be grounds for a lawsuit.
TD Ameritrade is now part of Schwab. However, even if your investment losses while your money was at TD Ameritrade occurred before the merger, you still may be able to sue for damages if broker negligence or misconduct was involved.
Why Hire Our Elder Financial Exploitation Law Firm?
We have been fighting for investors for over 30 years. Many of our clients are seniors and retirees. More than 90% of our clients have received full or partial financial recovery in arbitration, mediation, or litigation.
We know how serious and rampant elder financial abuse can be. It is why we have partnered with McCulloch & Miller to offer seniors and their families elder law and estate planning services.
Call our Elder Financial Exploitation Law Firm at (800) 259-9010 or fill out this form so we can schedule your free, initial case assessment.