Consumer complaint received 2020-07-12
Company: EAST WEST BANK
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Fraud or scam

Complaint:
Back on XXXX XX/XX/XXXX through XXXX XX/XX/XXXX ( last 2-4 weeks ), I fell victim to scam companies XXXX XXXX and XXXX XXXX XXXX. Wire transfers were instructed from my account in XXXX XXXX XXXX XXXX  in the total amount of USD XXXX to the account of the scam companies in East West Bank ( account no. XXXX ). On XXXX XX/XX/XXXX and XXXX XX/XX/XXXX, I got a refund of USD XXXX from East West Bank. The remaining dispute amount is USD XXXX. 
I have enclosed copies of the transactions, and proofs regarding the scam company. Attached, screenshots of online users, like myself, that have been frauded by XXXX  XXXX XXXX  proofing that the recipient of these transactions is a scam. Additionally, as it is a scam, purporting to offer investment services, it can not be regarded as a service or investment made. 
I am not a party to this kind of contracts since I have not agreed to the transactions made in question, because no service or investments were supplied to me, I requested to file a dispute regarding the transactions and I request that East West Bank will recall the wire transfers, and credit my account accordingly. 
I will also add that in accordance with the bylaws of the regulators comprising CFR, before allowing a company or merchant to accept transfer payments there must be a physical inspection of the listed business premises. As I have proof that there is nothing at the listed premises of these companies which means that this condition was not met as well. 
I have sent a dispute letter to East West Bank ( attached ) on XXXX XX/XX/XXXX, the Bank answered me by a phone call on XXXX XX/XX/XXXX that they will not reply to my letter and just told me that they need a subpoena or legal order to give me any more information. 
What is egregious is that I have since found out that there were numerous warnings issued by scam broker investigator, during the relevant time period, warning the banking community against allowing the instruction of payments to fraud activities like this one.

Binary Options trading is illegal in the US, yet East-West Bank permitted the instruction of these payments. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act ( the Act ), and regulations of the Federal Reserve, including the bylaws of the Consumer Financial Protection Bureau, the bank or credit institution is obligated to help to prevent and has duties not to facilitate fraud. Additionally, under the Act, when it is also a known scam, a recall is applicable.

Under the Act, the bank or credit institution is jointly and severally liable for any breach of contract or misrepresentation by the payee. You may also consult the joint CFTC and SEC Customer Protection Act of 1970, as Amended. What is egregious is that I have since found out that there were bulletins issued during the relevant time period by a few broker investigators, warning the banking community against allowing the instructions of payments to this merchant. 
I will also add that in accordance with International SWIFT rules, before allowing a company or merchant to accept payments, there must be a physical inspection of the listed premises of the business. As I now know there is nothing at the listed premises of these companies ( XXXX XXXX and XXXX XXXX XXXX XXXX which means this condition was not met as well. 
I will appreciate the help of the CFPB in solving this case through East West Bank. The beneficiary is a fraudulent company, who stole my money and disappeared.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation