Larry's Law

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JPMorgan Client Who Lost $50 Million Fortune Faces Court Setback

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The family of an elderly JPMorgan Chase & Co. client who lost tens of millions of dollars on investments as he slid into dementia faces a major setback in their years-long legal battle with the bank, after a magistrate judge recommended their case be thrown out.

Peter Doelger, 86, and his wife, Yoon, sued JPMorgan in federal court in Boston over investments that they allege never should have been allowed and ended up wiping out much of a fortune once pegged at more than $50 million. They claim Peter started exhibiting signs of dementia by the time he signed a document in 2015 absolving the bank of any liability for complex, risky bets in his portfolio.

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Virginia General Assembly passes law to strengthen reporting of elder financial exploitation

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The Virginia General Assembly passed a measure to encourage banks to do more to spot, prevent and report the financial exploitation of elderly and vulnerable adults.

Del. Michelle Maldonado, D-Manassas, sponsored the Virginia Senior Safe Act, though she calls the bill “Larry’s Law” in honor of a local Navy veteran whose family says lost more than $3 million in an alleged wire fraud scheme.

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Elder Fraud Prevention Advocate Janine Williamson Applauds Passage of HB 692 by Virginia General Assembly

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The Virginia General Assembly passed House Bill 692 last week. The measure lays the groundwork for financial institutions to train their employees in how to identify potential financial exploitation of senior citizens and report suspected financial exploitation of a senior to the authorities. It also permits them to notify a trusted contact of such exploitation and directs the Bureau of Financial Institutions of the Virginia State Corporation Commission to establish training guidelines for detecting and preventing elder financial fraud.

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Plaintiff Appeals Dismissal of Negligence Lawsuit Against Navy Federal Credit Union, Wells Fargo After $3.6 Million of Elderly Veteran’s Savings Allegedly Sent to Scam Artists

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A Washington state woman has filed an appeal with the U.S. Court of Appeals for the Fourth Circuit regarding her $3.6 million negligence lawsuit against Wells Fargo and Navy Federal Credit Union. The lawsuit, which concerns alleged fraudulent wire transactions, was dismissed in August 2023 by the Honorable Claude M. Hilton of the U.S. District Court for the Eastern District of Virginia. Both sides have not reached a compromise as part of a federally mandated mediation.

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Family sues banks for negligence after man falls victim to phishing

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A Washington state family is suing Navy Federal Credit Union and Wells Fargo after a veteran lost millions of dollars in a wire fraud scheme.

Retired Navy submarine commander Larry Cook had a stroke in summer 2019, Newsnation local affiliate WAVY writes. A year after that, he got a phishing email saying he had purchased a couple of items from Amazon, and to call a number if that was incorrect, his niece, Janine Satterfield, who also serves as administrator of Cook’s estate, said.

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Man kills wife and sons before trying to take his own life after falling prey to online scam in Thailand

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At least 11 people are suspected to be involved with a loan scam that allegedly drove a man to kill his wife and two young boys before trying to take his own life in their family home, Thai police said Wednesday.

Sanit Dokmai has been charged with premeditated murder after police found the bodies of his wife and two sons, who were 9 and 13, with slash wounds Monday inside a house in Samut Prakan province, Bangkok’s eastern suburb, said local police chief Rangsan Kamsook.

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