Consumer complaint received 2021-08-05
Company: EAST WEST BANK
State: IL
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
I was contacted by XXXX XXXX ( XXXX ) about a new trading strategy that is being tested. He gained my trust since it was a name well recognized by myself via the XXXX XXXXXXXX XXXXXXXX service I was subscribing to. XXXX XXXX had business suspended activity and when the services returned XXXX XXXX was gone. He introduced me to the strategy and solicited to open a trading account with XXXX via provided link : XXXX XXXX XXXX Encouraged by his successes I transferred XXXX to fund my account. These funds were wired from my XXXX account to their designated bank in the US via LLC companies. After few successful trades, I received a notice from XXXX that I am tagged as a day trader and my account will be suspended for 90 days unless I deposit more money over {$25000.00} ( see below ). XXXX confirmed that and solicited more money to be transferred to see bigger returns. I cashed out my IRAs and transferred an additional XXXX XXXX XXXX XXXX and XXXX ( see below original deposit instructions from XXXX ) EAST WEST BANKXXXX Acct XXXX ACCOUNT NAME : XXXX XXXX XXXX  ADDRESS : XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, CAXXXX, UNITED STATES {$10000.00} EAST WEST BANKXXXX Acct XXXX ACCOUNT NAME : XXXX XXXX XXXX  ADDRESS : XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, CAXXXX, UNITED STATES {$15000.00} XXXX XXXX XXXX XXXX Acct XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX, MA XXXX {$18000.00} XXXX XXXX XXXX, XXXXXXXX NY-XXXX  Acct XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX, XXXX, PA XXXX {$40000.00} XXXX XXXX XXXX, XXXX  Acct XXXX XXXX XXXX XXXX XXXX, FL XXXX {$39000.00} XXXX XXXXXXXX XXXX  XXXX Acct XXXX XXXX XXXX XXXX XXXX  ADDRESS : XXXX XXXX XXXX, XXXX XXXX, XXXX NE XXXX {$200000.00} XXXXXXXX XXXX XXXX XXXX Acct XXXX XXXX XXXX XXXX  XXXX XXXX XXXX, XXXX, DE, XXXX {$60000.00} Funds were credited to XXXX  account after I provided them with the details from my bank. Trading went on and profits were showed at XXXX account until last Friday when their website was not available. On Monday XXXX I communicated to XXXX XXXX via XXXXXXXX XXXX and he directed me to check my spam email because he received a message from XXXX that their link failed and the problem will be fixed ASAP. In addition, they provided an alternative link where I could log into my account : XXXX XXXX XXXX I checked the alternative site and almost everything looked right except few records missing. I thought while they are fixing their main link they are making records updates at the alternative site. Later today XXXX the alternative site was unreachable and after few hours there was another email apologizing for the inconvenience and providing another alternative site for account login : XXXX XXXX XXXX Now, I can not reach XXXX and believe it is a fully blown impersonator of the original XXXX XXXX extracting funds from the new traders. I have contacted XXXX and requested to recall all the wires but at this time I do not if it is possible. These banks are the biggest banks of America and they are supposed to comply with the Federal regulations to know their customers allowing these fraudsters to operate ; therefore, I believe they have insurance that shall cover this fraudulent activity. Also attempted to request a withdrawal from XXXX working new site but stopped there because I believe I just will provide them with my account data and they will attempt to steal more from me. 
How can you help with such a serious case of fraud committed on the land of regulated banking?

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation