Consumer complaint received 2024-01-25
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: U.S. BANCORP (CO)

XX/XX/2023 To CONSUMER FINANCIAL PROTECTION BUREAU ( CFPB ), Re : Complaint against US Bank In the matter of : XXXX, which was later rebranded as XXXX, served as the main trading platform where fraudulent activities were primarily conducted. It was introduced to me by the scammer named " XXXX XXXX. '' Dear Sir/Madam, I am writing to urgently bring to your attention a distressing matter involving US Bank , my trusted financial institution. This bank inadvertently played a role in facilitating fraudulent transactions that were transferred towards XXXX XXXX, XXXX, and XXXX and directly received by the fraudulent trading platform known as " XXXX XXXX  which was introduced by XXXX XXXX. 

OVERVIEW I have unfortunately fallen victim to a carefully orchestrated scam led by XXXX XXXX XXXX XXXX XXXX XXXX deceptively presented herself and employed illegal and manipulative tactics to engage in trading on the platform she introduced, called XXXX. This has resulted in a significant financial loss totaling {$140000.00}. 
XXXX XXXX XXXX XXXX portrayed themselves as someone who could assist me with my financial matters, offering efficient investment and trading services or advice. Sadly, they failed to fulfill their commitments, and I have not received any returns or services as initially expected.The money I entrusted to them remains unrecovered. Initially, XXXX XXXX assured me that I could generate profits and make easy withdrawals by following her instructions to trade my funds on the platform of XXXX, which has led to significant financial difficulties. It's evident that XXXX XXXX XXXX and the XXXX  trading platform were deceptive, involved false representations, and clearly violated the law in terms of " Goods or Services Not Provided, Misrepresentation, and Merchandise Not as Described or Defective. '' After obtaining my funds, XXXX XXXX and XXXX vanished without any explanation or prior notice, rendering it impossible to establish contact with them or address the issue. Despite my persistent attempts to reach out to them and other relevant parties, my efforts have been in vain in seeking a resolution. Enclosed, you will find the relevant evidence highlighting the fraudulent nature of the situation. 

ADDRESSING CONCERNS REGARDING FRAUDULENT ACTIVITIES AT US BANK I am reaching out to discuss several critical issues related to fraudulent activities that have occurred within US Bank. 

1. It is paramount that I underscore the US Banks role in these fraudulent transactions. They were responsible for initially executing and transferring these transactions to the fraudulent trading platform, thereby bearing accountability for the fraudulent conduct. The Consumer Financial Protection Bureau ( CFPB ) has explicitly conveyed that financial institutions like US Bank must account for the intricate and evolving nature of fraud, refraining from outright denials on the recovery of funds in such cases. 

2. CFPB has reprimanded the practice of branding customers as " grossly negligent '' merely due to their unfortunate victimization by scams. The obligation lies with the financial institutions to develop their security protocols and software to ensure the safety of customers ' funds. Unfortunately, US Bank has not met this standard, rendering naive and inexperienced clients susceptible to such fraudulent schemes. 

3. I am profoundly troubled and find it utterly unjustifiable that US Bank has chosen to shirk their responsibility by consistently ignoring my repeated attempts to address this fraudulent complaint. Despite the numerous letters and messages, I have sent to inform them of my concern, their actions demonstrate a lack of professionalism, a failure to uphold regulatory obligations, and a substandard approach to ensuring customer protection. This conduct starkly contradicts the core mission of financial institutions, which is to prioritize the well-being and security of their customers. 

4. I am truly perplexed by the US Banks resistance to aiding me in recovering the funds that were unlawfully seized by XXXX XXXX XXXX XXXX When I authorized the payments, I was entirely unaware of the fraudulent nature of the involved entities ; it was only subsequently that I uncovered the truth. I implore the US Bank to assume full accountability for the situation and proactively take measures to retrieve my stolen funds. It is imperative to recognize that the scammers not only failed to provide any services but also deliberately misrepresented themselvesto ensnare me. 

DETAILED DESCRIPTION OF RECEIVED SERVICES Unbeknownst Funds Transfer : Funds were surreptitiously transferred without my knowledge by the fraudulent individual named XXXX XXXX XXXX along with her introduced platform XXXX. These scammers deceitfully presented themselves as trustworthy, offering trading opportunities and financial services. Under the guise of generating profits and extending financial aid, they enticed me and others. However, they consistently failed to fulfill any of their promises, with their true intent being the illicit extraction of money from unsuspecting victims. 

Fabricated Documentation : The fraudulent activities of XXXX XXXX and XXXX included the fabrication of documents that portrayed them as legitimate entities. These deceptive documents were strategically employed to establish false credibility, persuading me and other individuals to entrust our funds to them. XXXX XXXX and XXXX goal was to perpetrate financial fraud by deceiving people into trading. 

Inadequate Services Rendered : Despite depositing funds with the expectation of receiving the promised services and returns, the scammers vanished without a trace after obtaining my funds. This sudden demand left me in a state of shock and financial distress, as the funds entrusted to XXXX XXXX, XXXX, and their accomplices remained unrecovered. 

Deceptive Practices : I was lured into depositing funds under misleading pretenses, under the belief that XXXX XXXX and XXXX would generate substantial profits. Regrettably, their promises proved to be hollow falsehoods. Not only did the projected profits fail to materialize, but my funds were also misappropriated, and the reimbursement they had promised was never delivered. 

False Trading Claims and Manipulation : XXXX XXXX and XXXX manipulated and coerced me into depositing additional funds by peddling deceptive claims about doubling investments and ensuring immediate returns. Through the introduced platform, XXXX, they falsified information to create the illusion of genuine profits, persuading me to invest more. These additional funds served solely to benefit them, with no legitimate services being provided. 

In summary, the scammers, XXXX XXXX and XXXX, failed to deliver any of the promised services. Instead, their actions exacerbated my financial circumstances, leading to considerable losses and substantial harm to my overall financial stability. 

OUTLINING MY DESIRED RESOLUTION FROM US BANK With the assistance of the Consumer Financial Protection Bureau ( CFPB ), I humbly submit the following requests and expectations to US Bank regarding the fraudulent occurrence concerning the entities " XXXX XXXX XXXX XXXX XXXX' It's essential for me that US Bank acknowledges their role in facilitating these transactions and recognizes their share of responsibility in contributing to the subsequent fraudulent activities. I expect them to take full accountability for their part in this situation. 
I'd like the US Bank to commit to enhancing their safeguarding measures and actively taking steps to prevent similar incidents in the future. This should encompass a review and improvement of their due diligence processes and security protocols. 
Ultimately, my goal is to rebuild trust in US Banks services. I believe this can be achieved if they address the situation comprehensively, fully acknowledge their responsibilities, and take concrete steps to ensure the security of future transactions. 

Furthermore, I earnestly implore the Consumer Financial Protection Bureau ( CFPB ) to step in and collaborate with US Bank to fully grasp the seriousness of this situation. Ensuring the well-being and safeguarding the interests of US Bank clients must be the foremost priority. I kindly seek regular communication from the Consumer Financial Protection Bureau to stay informed about the ongoing progress in resolving this issue. This transparency holds significant value for me. With the hope of a swift response and a timely resolution, I extend my appreciation for your immediate attention and collaborative efforts in addressing this troubling matter.