$20M crypto scam victim who sued Citibank says 2 more banks liable
2025-07-04 06:28:33
Main Idea
A victim of a $20 million crypto romance scam has sued East West Bank and Cathay Bank, alleging they ignored suspicious transactions that facilitated the fraud.
Key Points
1. Michael Zidell, the scam victim, filed lawsuits against East West Bank and Cathay Bank in a California federal court, accusing them of negligence.
2. Zidell claims the banks failed to detect or act on suspicious transactions totaling over $9.7 million linked to the scam.
3. The scam originated from a Facebook romance scheme involving a fake business owner named 'Carolyn Parker,' who persuaded Zidell to invest in a fraudulent NFT platform.
4. Zidell's lawsuit also accuses the banks of 'aiding and abetting elder abuse,' though it's unclear if he meets California's legal definition of an elder (65+ years old).
5. This follows Zidell's earlier lawsuit against Citibank for similar alleged negligence in monitoring suspicious transactions.
Description
The victim of a $20 million crypto scam who sued Citibank last week for allegedly ignoring “red flags” has filed a similar complaint against two more banks.
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