Consumer complaint received 2021-08-05
Company: E*TRADE 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 new trading strategy that is being tested. He gained my trust since it was a name well recognized by myself via XXXX XXXXXXXX XXXX XXXX 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 trading account with XXXX via provided link : XXXX XXXX XXXX Encouraged by his successes I transferred 10,000 to fund my account. These funds were wired from my Etrade account to their designated bank in the US via LLC companies. After few successful trades he solicited more money to be transferred to see bigger returns. I cashed out my IRAs and transferred additional XXXX XXXX XXXX XXXX and XXXX. 
XXXX XXXX XXXX Acct XXXX ACCOUNT NAME : XXXX XXXX BANK ADDRESS : XXXX XXXX XXXX, XXXXXXXX XXXX XXXX XXXXXXXX, CAXXXX UNITED STATES {$10000.00} XXXX XXXX XXXX Acct XXXX ACCOUNT NAME : XXXX XXXX BANK ADDRESS : XXXX XXXX XXXX, XXXX XXXX XXXX  XXXX, XXXX, UNITED STATES {$15000.00} XXXX XXXX XXXX XXXX Acct XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX, MA XXXX {$18000.00} XXXX XXXX XXXXXXXX, XXXX, XXXX Acct XXXXXXXX XXXX XXXX  XXXX XXXX XXXX XXXX, XXXX, PA XXXX {$40000.00} XXXX XXXXXXXX XXXX, NA Acct XXXX XXXX XXXX XXXX XXXX, FL XXXX {$39000.00} XXXX XXXX XXXX XXXXXXXX Acct XXXX XXXX XXXX XXXX  BANK ADDRESS : XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX XXXX {$200000.00} XXXXXXXX XXXX XXXXXXXX XXXX Acct XXXX XXXX XXXX XXXX XXXXXXXX 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 XXXX XXXX  and he directed me to check my spam email because he received message from XXXX that their link failed and the problem will be fixed ASAP. In addition they provided 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 the inconvenience and providing another alternative site for account login : XXXX XXXX XXXXXXXX Now, I can not reach XXXX and believe it is fully blown impersonator of the original XXXX XXXX extracting funds from the new traders. I have contacted Etrade 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 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 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 response to consumer: Closed with explanation