Confidential Settlement
Mr. Mosser represented a vulnerable elderly woman who was defrauded. Specifically, two fraudsters contacted her and convinced her to send her life’s savings to them under the guise that they worked for the federal government and had discovered that her life’s savings was at risk of being stolen. The fraudsters, who were never identified or caught, convinced our client to withdraw large sums of cash and send the cash in fed-ex packages throughout the United States; was told to send international wires to banks in Thailand; and was instructed to purchase over $10,000.00 in gift cards to stores like Target and Apple. All of this money, wires, and spending was from her longtime bank accounts at an international top tier bank. She had never sent a wire in her three decades of banking there, had never made large withdrawals, and her only activity at the bank for decades were small withdrawals from her teacher’s pay and pension and her social security checks.
Mr. Mosser sued the Bank. We alleged that this fraud happened because the Bank failed to detect, prevent, or otherwise do anything about it while our client’s life savings were completely depleted over the course of a year of uncharacteristic withdrawal and spending. This happened despite the Bank’s public advertisements that it had specialized fraud detection systems that monitored customer transactions in order to identify fraudulent activity.
After successfully defeating the Bank’s Motion to dismiss, the Bank chose to settle the case rather than proceed with further litigation. This large confidential settlement is the first step in making our client whole. The second step is an action that Mr. Mosser filed in FINRA against the large international financial services institution from which our client cashed out all of her retirement assets to transfer to her bank account mentioned above in order to pay the fraudsters. This institution failed to uphold its statutory and regulatory duties to detect and prevent elder abuse. The case is currently pending.
