Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #6158723

Complaint Overview

Complaint ID: 6158723

Company: East West Bank

Product: Money transfer, virtual currency, or money service

Sub-Product: International money transfer

Issue: Fraud or scam

ZIP Code: XXXXX

Date Received: 2022-11-02T12:00:00-05:00

Date Sent to Company: 2022-11-02T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Dear CFPB, I am writing to desperately ask for your help. I live in XXXX and I was scammed badly and lost all my life savings, plus the money I borrowed from my family and short-term loans/mortgages from financial institutions that I am now unable able to pay back. Below is a summary of what happened to me : On XX/XX/2022, an XXXX guest named XXXX XXXX XXXX XXXX XXXX tried to book my house for XX/XX/2022. He then asked me to connect with him via XXXX so he could have further questions. His phone number was XXXX. During our conversations on XXXX, he told me that he lived in XXXX XXXX and that he came from XXXX as an investor. He told me that he was very successful in investing in XXXX and bought properties in XXXX and XXXX XXXX from the profits he had made from XXXX trading. He asked me if I ever invested in XXXX and I told him that I had never invested in XXXX and did not know anything about it. He said he had been trading in XXXX for 8 years and was doing in-depth market analysis and only traded when there was a market node, so it was 100 % safe. He asked me to try and guided me to open an account with a trading platform called XXXX, and later he moved me to another platform called XXXX. At first, I put in {$500.00}, then he said the minimum for XXXX future trading was US {$1000.00} but since I was in XXXX, I had to put XXXX XXXX. I thought Id give it a try. After I put {$2000.00}, he traded it for me and showed me the profit for every single transaction which was XXXX XXXX XXXXXXXX %. He then convinced me to put more money in as he said there were more market nodes coming the following week. He then told me that there will be a bull market coming in XXXX and this was to be said once-in-a-lifetime opportunity and convinced me to sell all my stocks, cash out my RRSPs, and borrow money to seize this short-term opportunity and that once the bull market was over, I could take out all my capital and profits. I sold all my stocks, cashed out my RRSPs, got a few loans from my equity line of credit, family and friends After he had me send him money to his multiple bank accounts in XXXX and XXXX, he would not let me withdraw my capital, then disappeared and shut down his fake trading websites. On XX/XX/XXXX, I reported the scam to my bank XXXX XXXX XXXX XXXX ), the police in XXXX and the FBI in the US. My bank tried to recall the last 2 biggest wire transfers to East West Bank on XX/XX/2022 in the amount of US {$540000.00}. I also contacted East West Bank on XX/XX/2022 and was told that it had frozen the scammers bank account but they did not refund me the money.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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