Consumer complaint received 2024-05-30
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (AZ)

To, CFPB Ombudsman : Unresolved dispute with Bank of America transfer to a FRAUD SCAM Brokers : XXXX XXXX XXXX name : AnthonyTricoci Amount : {$140000.00} Reference : XXXX XXXX ( The company ) Dear Sir/Madam, I want to draw your attention to a significant issue I've encountered involving Bank of America . I've fallen victim to a sophisticated scam orchestrated by the company operating under the name '' XXXX XXXX '' referred to as " The Company. '' Funds totaling {$140000.00} weretransferred from myBankofAmericaaccountdirectlytothefraudster. 
As I stated I fell victim to an Online trading company, misrepresenting themselves as legitimate brokerages o ering me to make great returns onso-calledOnlinetradingwith little to no risk. 
In XX/XX/year>, I received a connection request from XXXX XXXX, a professional in finance and XXXX XXXX XXXX ( CRO ). Being intrigued by her extensive background in finance, I connected with her. Our initial interaction took place on the XXXX platform, but XXXX suggested moving our conversation to XXXX for enhanced privacy and encryption. Despite my background being in engineering and management, XXXX expressed interest in my lengthy career and experience with U.S. financial issues during my early years. 
Our regular conversations delved into personal topics, such as hobbies and lifestyles. XXXX revealed her interest in trading XXXX XXXX, a skill taught by her uncle, a prominent figure at XXXX in New York. As our discussions progressed, we shared details about our private lives, including XXXX 's marital status ( divorced with no children ), age ( XXXX ), and residence in the XXXX XXXX area. I, too, disclosed being married, retired, XXXX XXXX XXXX, with hobbies in working on old cars and traveling. 
My interest in XXXX 's successful XXXX XXXX trading prompted her to introduce me to the XXXX XXXX app. After demonstrating how to use the app in demo mode, XXXX encouraged me to invest real money. I started with a {$5000.00} transfer, and under her guidance, we experienced some initial success. As XXXX insisted on increasing capital, I transferred an additional {$40000.00} from my savings, and with a total of {$45000.00}, our trading flourished. XXXX proposed leveraging more funds and inquiring about my financial resources, including pensions, Social Security, and trust money. 
As XXXX persistently pressed for additional funds, she became more affectionate, using terms like " honey, '' " dear, '' and " darling. '' Despite my reluctance to involve trust money, XXXX expressed interest in a non-escalating annuity. She assured me that if any losses occurred, she would cover them. She showcased her trading profits, and I eventually cashed in the annuity, transferring the funds to my XXXX Account. Our profits reached {$150000.00}, and XXXX, seemingly enamored, proposed an all-expenses-paid trip to XXXX and urged me to access the trust funds. 
However, my apprehensions grew, especially as XXXX discouraged withdrawals, citing the need to gradually withdraw for tax payments. When I proposed a withdrawal to purchase an XXXX phone and remodel a bathroom, XXXX insisted on a {$3000.00} payment to maintain high capital levels. As I navigated the account freeze issue, it became evident that it was a scam. The {$160000.00} they claimed I owed was the initial capital I had invested, and by paying it, they promised to double it and return the amount, effectively paying off the loan. 
I thought Iwasgoingonalegitimateinvestmenttrack, andIwouldliketomentionthattheir methods were illegal, manipulative, against regulation, and very questionable. I have tried on several occasions to resolve matters directly with Bank of America However, they are ignoring me and trying to brush me o. I requested to file adisputeregardingthemerchant and asked that Bank of America assist me inrecoveringthefundsbacktomyaccountforthe following reasons : XXXX XXXX XXXX Questionable Merchant Activity Furthermore, I do consider that the actions committed by Bank of America 's XXXX XXXX to the USlegislation. 
I have not managed to retrieve any of my funds, and I see no prospect of recovering them from " XXXX XXXX ''. I urge Bank of America to acknowledge its share of responsibility in neglecting to adequately caution customers engaging with a disreputable entity. Those of us not well-versed in financial matters lack the tools to protect ourselves against a sophisticated and practiced deceiver. 
It is a shattering blow to have what e ectivelywasmylasthopeofprovidingformypension in evenasmallway. 
TheBanks negligence : As previously highlighted, I have never received any notification from Bank of America 's sta, despite the transactions made to " XXXX XXXX '' being deemed " unusually large and complex, '' as well as contradictory to mypasttransaction history. It's important to note that these transactions occurred in rapid succession, leaving no room for oversight from Bank of America. Therefore, I consider this oversight to indicate negligence on the part of Bank of America. 
I have accepted Bank of America Terms and Conditions- with thepagescoveringAML/CTF policies they seemed to be credible enough. It turned out that Bank of America, which, de jure, has pages covered with XXXX, has, defacto, totally disregarded the US attempts to prevent/stop and combat money laundering, terrorism sponsorship, and other illegal, immoral, and unethical activities. 
I have emphasized that while XXXX XXXX might be involved in illegal activity ( money laundering, terrorism sponsorship, etc. ), Bank of America 's reputation could face significant damage due to their decision not only to transfer funds to XXXX XXXX but also to refuse to reverse the transactions. 
Therefore, I consider that by transferring my hard-earned funds, Bank of America allowed this fraud ( directly or indirectly ) to occur. I would like to emphasize that I am an ordinary citizen, I was never told about financial regulators and authorities, nor do I have any experience in the financial field- it is only the painful and devastating experience I faced that made me fully examine the key principles of AML/CTF and KYC policies the banks should fully implement. 
Nevertheless, I would like to emphasize that financial institutions must update their database to ensure their clients` security. Unfortunately, ordinary people do not possess enough knowledge and technological facilities and, as a consequence, they could be deceived- and, in fact, they are! However, theydorelyontheirbanks, andifsuchsophisticated fraud occurs, it means that : -wearedealingwithsophisticated scammersand-Thebankdidnotdoitsjobproperly. 
Ordinary citizens, who do not possess cyber-security tools, could be deceived- however, it is impossible to deceive the security infrastructures and systems. 
I would like to kindly draw the attention of the CFPB Ombudsman to the fact that I have never received any warnings from the banks ' sides- even though the transactions I was making should have raised red flags for Bank of America and Bank of America as I have never transferred money to XXXX before. I have never received any adequate warning/alert from the banks sides- and I do consider that it definitely indicates gross negligence from BankofAmerica'sside.

Furthermore, please note that I contacted Bank of America right after I realized that I was sophisticatedly deceived- however, I have received neither assistance nor have my funds been recalled/retrieved. Therefore, I do consider that Bank of America has never acted in the client 's best interest and now are trying to simply get rid of me. 
I was never told by Bank of America'semployeesthatsendingmoneytoXXXX risky. Since my trusted financial institution didn't warn me or explain the risks involved, I was under the impression that I was proceeding on a legitimate path. Had my bank alerted me, Iwouldhaveimmediatelyceasedtransferring funds to thescammers. 
Once again, I would like to emphasize that I am an ordinary citizen- however, I have revealed that the USA is seriously combating moneylaundering issues. 
I doubt how professional and reliable Bank of Americas services are if their employees can not provide their clients with the relevant information concerning the risk of making certain transactions. 
I do consider that Bank of America has committed gross negligence while transferring money to XXXX XXXX as it has not only disregarded the vulnerable circumstances I face but has not fully implemented XXXX and XXXX regulations ( such as ongoing monitoring of clients` transactions in order to determine unusually large or complex ones as well as those which run counter to clients` profiles, committing XXXX searches, sanctions XXXX, etc. ), which made mefall into such asophisticated scam. 
Despite regularly transferring substantial sums of money, I have never received any alerts or warnings from bank employees. This leads me to believe that Bank of America has failed to monitor my transactions or implement enhanced customer due diligence.Hadtheydoneso, they wouldhaverealized that these transactions do not align with my client profile. 
CASESUMMARY : 1. Bank of America has not stopped/blocked the transactions made to the fraudulent company. As those transactions have been authorized and executed by Bank of America this meansBankofAmericaisdirectly involved in fraud.

2. The destination of my hard-earned funds was never checked by Bank of Americas employees , which indicates an absolute disregard for their own Terms and Conditions, as well as for the US anti-moneylaunderinglegislation .

3. Bank of America has not implemented enhanced customer due diligence, showing little concern regarding the potential money laundering, terrorism sponsorship, and other illegal activities ; 4. Bank of America has disregarded its responsibilities regarding the clients` funds security and clients treatment. My financial condition has been strongly a ected and I carried enormous losses due to the fraud- none of these vulnerable circumstances was taken into consideration by the Bank`s employees. 
5. TheBankhasnotfullyimplementeditsownTermsandConditions.

DESIREDOUTCOME : BankofAmericahastoconfirmthatIhavefallenvictimtofraud. 
Bank of America has to promptly initiate a full recall of these payments totaling {$140000.00}. This action includes conducting a thorough investigation into my case and identifying any companies or banks potentially involved in the fraudulent activity.

Bank of America has to act in the best interest of their clients ( as stated above ) and if the funds can not be recalled, I expect Bank of America to compose a reimbursement for the reasons mentionedpreviously. 
Bank of Americahastoupdateitsdatabasetopreventthesamefraudulentandaggravating cases such as minefromrecurring. 
Bank of America has to provide me with additional financial compensation for my mental andphysical health was jeopardized by the Banks employees. 
I amlookingforwardtoreceiving aresponsefromyou.Thankyouforyourassistance. 
Respectfully, AnthonyTricoci Attachments : XX/XX/XXXX XXXX To, Bank of America- Appeal letter XXXX name : XXXX XXXX XXXX XXXX XXXX XXXX Dear XXXX XXXX XXXX XXXX XXXX I am a loyal, long-term Client of Bank of XXXX. 
This letter is to inform Bank of America about fraudulent activity that has been committed on my Bank of America account since XXXX XXXXXX/XX/year>, and then I have revealed that I was sophisticatedly scammed and the Merchants I was dealing with- the Company called XXXX XXXXhadnoregulations and offer fake services on their website. 
Please note that the total amount of XXXX USD was transferred from my bank account to XXXX XXXX. 
I have been a member of XXXX for two decades, utilizing this business and employment-focused social media platform both through its website and mobile applications. 
In XX/XX/year>, I received a connection request from XXXX XXXX, a professional in finance and XXXX XXXX XXXXXXXX ( CRO ). XXXX intrigued by her extensive background in finance, I connected with her. Our initial interaction took place on the XXXX platform, but XXXX suggested moving our conversation to XXXX for enhanced privacy and encryption. Despite my background being in engineering and management, XXXX expressed interest in my lengthy career and experience with U.S. financial issues during my early years. 
Our regular conversations delved into personal topics, such as hobbies and lifestyles. XXXX revealed her interest in trading XXXX XXXX, a skill taught by her uncle, a prominent figure at XXXX in New York. As our discussions progressed, we shared details about our private lives, including XXXX 's marital status ( divorced with no children ), age ( XXXX ), and residence in the XXXX XXXX area. I, too, disclosed being married, retired, XXXX XXXX XXXX, with hobbies in working on old cars and traveling. 
My interest in XXXX 's successful XXXX XXXX trading prompted her to introduce me to the XXXX XXXX app. Afterdemonstrating how to use the app in demo mode, XXXX encouraged me to invest real money. I started with a {$5000.00} transfer, and under her guidance, we experienced some initial success. As XXXX insisted on increasing capital, I transferred an additional {$40000.00} from my savings, and with a total of {$45000.00}, our trading flourished. XXXX proposed leveraging more funds and inquiring about my financial resources, including pensions, Social Security, and trust money. 
As XXXX persistently pressed for additional funds, she became more affectionate, using terms like " honey, '' " dear, '' and " darling. '' Despite my reluctance to involve trust money, XXXX expressed interest in a non-escalating annuity. She assured me that if any losses occurred, she would cover them. She showcased her trading profits, and I eventually cashed in the annuity, transferring the funds to my XXXX Account. Our profits reached {$150000.00}, and XXXX, seemingly enamored, proposed an all-expenses-paid trip to XXXX and urged me XXXX access the trust funds. 
However, my apprehensions grew, especially as XXXX discouraged withdrawals, citing the need to gradually withdraw for tax payments. When I proposed a withdrawal to purchase an XXXX phone and remodel a bathroom, XXXX insisted on a {$3000.00} payment to maintain high capital levels. As I navigated the account freeze issue, it became evident that it was a scam. The {$160000.00} they claimed I owed was the initial capital I had invested, and by paying it, they promised to double it and return the amount, effectively paying off the loan. 
I was convinced that the company was legitimate and had billions of assets. It did look professional and genuine and I could not have even imagined that the company was fraudulent and counterfeit. Nevertheless, the Company turned out to be professional in pushing its Clients to invest more and more funds- I was urged to invest money so my trading account could grow and I would receive higher returns. 
I was instructed to start with a small investment- however, right after depositing funds, I observed my trading account growing ; things looked very good- and my trust was caught by these manipulative tricks. Please note that I have never had any experience in the financial field, and, therefore, my lack of experience and trust were sophisticatedly misused by the fraudsters. 
I was pushed to owe money, and the whole process of trading was done under pretenses and permanent high-pressure sales techniques. The Company has committed a deliberate misrepresentation, pretending to be legitimate and licensed brokerages- neither their product nor real service has ever existed. I was misguided and misinformed early, falling victim to a sophisticated financial fraud. 
THEBANK`SRESPONSIBILITY : Please note that you have never provided me with a plain and understandable explanation of the risks related to such types of transactions. 
I have come through severe phone harassment and unethical sales techniques, and, as a result, fell victim to financial abuse. I firmly believe that Bank of America could have prevented this fraud from occurring if you had promptly identified the red flags of financial fraud and/or financial abuse. 
An enormous amount of money was transferred from my bank account to XXXX XXXX, which should have alerted your concerns. I request you to note that the whole process of trading was done under the Company 's guidelines and false pretenses-taking into account, that those transactions had no business/logical purposes, you should have examined their nature to ensure that being a loyal Client of yours, I am not misguided/deceived by the fraudulent Merchants. 
I request you to take into consideration that in the case of XXXX XXXX : Theproduct that was described to me did not match reality, meaning the product was misdescribed and I was misinformed. 
Based onthe above, I couldnt make a conscious decision as I was misinformed from the start as to the nature of the fraudulent company, meaning I couldnt have known that these transactions were risky.- However, the Bank, XXXX HAVE KNOWN. 
I have never dealt with trading/investment companies before- therefore, those transactions should have raised so-called red flags, as they run counter to my previous client`s history Besides, I need to state that I was never told that the trading process is risky itself while the transfers made to XXXX XXXX should raise red flags for the financial institutions- because the transaction does not correspond to my previous client`s history, and, inter alia, taking into account how questionable the reputation of XXXX XXXX. 
Summarising the above-mentioned, I would like to point out that : * I was deliberately misinformed, and the Company committed fraud and/or willful misrepresentation. XXXX XXXX created a false, misleading impression that the Company 's services were genuine, legitimate, and in full accordance with XXXX legislation. 
* The Company turned out to be a fraudulent, unlicensed entity and was aggressively pushing me to invest my life savings. As I revealed later, the numbers they were showing in my trading account were just smoke and mirrors and never really existed. 
All the above-mentioned facts and arguments indicate that XXXX XXXX XXXX XXXX in a sophisticated fraud. The Merchants have Misrepresented themselves and their services ( pretending to be reliable and trustworthy ). 
Thus, I firmly believe that the Bank should have taken proactive actions to ensure that I would not fall victim to a financial scam and/or financial abuse. During the process of these transactions, I was asked about the purpose of transferring the money. However, I am confused as to why these transactions were not flagged or prevented, considering the potential risks involved. As a customer, I rely on the expertise and vigilance of the bank 's employees to ensure the security and integrity of my account. 
I would appreciate it if you could provide me with some clarification on this matter. Were your employees aware of the risks associated with these transactions? If so, why were they not prevented? I believe it is crucial to understand the reasons behind this to maintain trust and confidence in the bank 's services. 
In other words, Bank of America had failed to notify me and had failed to do its due diligence regarding monitoring suspicious transactions- as it could be seen from my bank statements, my funds went to the Merchant which appear irregular in comparison to mydaily transaction history. 
Ordinary citizens, who do not possess cyber-security tools, could be deceived ; however, it is impossible to deceive the security infrastructures and systems- the ongoing monitoring of transactions, ( enhanced ) customer due diligence, and the assessment of geographical risk could never be misled. 
As an ordinary citizen, who did not possess any previous trading experience, I could not even imagine how sophisticated financial scams could be. I was NOT asked whether I was pushed or instructed by the third party, nor I was inquired whether I was promised any unrealistic returns for such an investment. Most importantly, I have not explained the risks related to such transactions, nor I was told that the number of investment scams increased drastically and there were thousands of other US citizens being maliciously targeted by fraudsters.

I have transferred thousands of Dollars- however, you never intended to fully understand the nature of the transaction. 
Let me assure you that the prudent Bank employee would have been able to identify unusual patterns in my transactions meaning that in case XXXX had been fulfilled by the Bank, the red flags would have been immediately raised. 
Nevertheless, my genuine willingness is to resolve this dispute and continue our cooperation, as I have always been satisfied with your services. 
I expect Bank of Americatoinvestigate mycase, contact all the recipient financial institutions with the request to recall/reverse the transactions for the total amountof {$140000.00}, and/or reimburse meaccordingly