“We decline to extend a duty to mandate the reporting of elder abuse or to mandate an action by a financial institution when elder abuse is suspected where the plain language of a statute clearly says otherwise,” the appeals court said.
The multimillion-dollar fraud scheme that victimized retired U.S. Navy Commander Larry W. Cook began on Oct. 6, 2020 and ended April 20, 2021, the day before his death. In just six months, the highly decorated nuclear submarine commander and a member of Navy Federal Credit Union since the 1970s sent 75 international wire transfers totaling $3,608,700 to unknown persons at two banks in Thailand.
The family of a retired submarine commander is taking their lawsuit against Wells Fargo Bank and Navy Federal Credit Union to a higher court, claiming they should have realized he had diminished mental capacity when he made more than 70 international wire transfers totaling more than $3.6 million.
Janine Satterfield still mourns the death of her uncle, U.S. Navy Commander Larry Cook, who passed away in Virginia in 2021.
Janine, a Puyallup resident, is the executor of Cook’s will, and on behalf of his estate she is suing Wells Fargo and Navy Federal Credit Union. The banks did little as her uncle, suffering from the impacts of a stroke, wired $3.6 million overseas because of an email scam.
While the number of elderly people targeted slightly decreased from 2021 compared to 2022, the amount of money collectively lost nearly doubled from $1.7 billion to $3.1 billion, respectively, according to the FBI’s most recent report.
Navy Federal Credit Union and Wells Fargo are the targets of a lawsuit that alleges both institutions failed to protect an elderly member/customer who was scammed out of more than $3.6 million.
Why would 76-year-old Larry Cook transfer over $3.6 million out of the country just before his death?
That was tickling the mind of Janine Satterfield as she was mourning her beloved uncle. A decorated veteran who served with the U.S. Navy as commander for 24 years until 1992, he lived alone and had no children or spouse.
A Washington state woman is suing Navy Federal Credit Union and Wells Fargo to restore the legacy and estate of her late uncle, whom scam artists had tricked into transferring more than $3.6 million to the Bangkok Bank.
A Virginia lawmaker wants changes to how banks respond to suspected elder financial abuse. “There’s nothing that gets under my craw more than people who target vulnerable people,” Del. Michelle Maldonado told News4 Consumer Investigative Reporter Susan Hogan.
A Washington state woman’s $3.6 million negligence lawsuit against Wells Fargo and Navy Federal Credit Union moves forward in the U.S. District Court for the Eastern District of Virginia as a federal judge reviews pre-trial motions and submissions in the case, which concerns alleged fraudulent wire transactions. Janine Satterfield filed the lawsuit on behalf of her late uncle, Larry Cook of Herndon, Virginia. Satterfield is also urging lawmakers and regulators to close loopholes around wire fraud and protect seniors from being victimized.
The family of a Navy veteran who allegedly lost more than $3.6 million in an apparent wire fraud scheme is suing the deceased man’s bank and credit union in Virginia, saying they should’ve done more to halt the international transactions.
Thai police have taken down an international gang that allegedly scammed older Americans out of $87 million by claiming to be law enforcement officials investigating money laundering.
The Associated Press reported 21 suspects were arrested on Tuesday in raids that focused on nine locations in Thailand. Authorities seized 162 bank accounts, multiple properties, 61 mobile phones, two cars and a gun. Another suspect was arrested Wednesday.