Consumer complaint received 2026-04-14 00:00:00
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Fraud or scam — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION

Complaint narrative:
Additional Information I already submitted a dispute claim under COMPLAINT ID XXXX SUBMITTED ON XX/XX/XXXX regarding the fraud/scam to Bank of America. I have now received multiple responses from Bank of America stating that my claim falls outside their dispute timeframe. However, I do not believe my case has been assessed under the correct framework. I keep telling them this is not a standard merchant dispute rather a sophisticated fraud case but still they are treating my case as a standard dispute. I made this payment only because I was induced to do so by materially false representations made by XXXX XXXX XXXX XXXX ( UPIG ). At the time of payment, the investment appeared legitimate. It was only later, following the companys collapse and entry into administration, that the true position became clear. Independent XXXX Findings Independent insolvency practitioners appointed to the company have now confirmed the following : - The company was both balance sheet and cash flow insolvent prior to entering administration - Approximately XXXX XXXX is owed to around XXXX investors - The company held minimal tangible assets ( approximately XXXX in property assets )- All company bank accounts held XXXX balances at the point of administration - A sum of approximately XXXX was transferred to a XXXX entity with no identifiable return of value - Company funds were used for high-value personal expenditure, including vehicles and luxury goods- The directors failed to provide a legally required Statement of Affairs despite repeated formal requests These findings are taken from formal reports prepared pursuant to the Insolvency Act XXXX and provided to creditors. This evidence demonstrates that the company did not operate as a legitimate investment business in the manner represented to investors and that investor funds were not used for their stated purpose. This is consistent with fraud by misrepresentation and misuse of funds, not a contractual dispute. This matter has been reported to XXXX law enforcement and is linked to an ongoing investigation ( XXXX XXXX, XXXX, crime reference XXXX ). A complaint has also been submitted to the Consumer Financial Protection Bureau ( CFPB ) under COMPLAINT ID XXXX SUBMITTED ON XX/XX/XXXX, which has been forwarded to Bank of America for formal review . The last correspondence I ceceive from CFPB was Bank of America has already responded to the CFPB indicating that the matter is under investigation. Bank of America has previously declined my claim solely on the basis of dispute timeframes with their last correspondence on XX/XX/XXXX. This does not address the core issue, the correct classification of this transaction as fraud. The fraudulent nature of this transaction only became fully apparent after : - The company entered administration - Independent investigations were carried out - Evidence of insolvency, fund dissipation, and misrepresentation became available As such, this is not a situation where I failed to act within a reasonable time. Rather, it is a case where the fraud itself could not reasonably have been identified at the time of payment. Accordingly, reliance on dispute timeframes alone is not an appropriate basis for rejecting a fraud claim. In light of the above, I request that Bank of America : XXXX. Reopen and reassess my claim under a fraud/scam framework, taking into account the full evidential position now available. XXXX. Confirm whether a chargeback was raised in relation to this transaction. If so, to provide : - The chargeback reason code used- The date the chargeback was initiated - The outcome and justification XXXX. If no chargeback was raised, to provide a clear explanation as to why this was not pursued, given that this was a debit card transaction involving a fraudulent scheme. XXXX. To provide full transaction and merchant details, including : - The acquiring bank used by the merchant - The payment processor involved- The merchant ID and any associated merchant account details - Full transaction reference data XXXX. To confirm whether any attempt was made to trace, recover, or recall the funds, and provide details of any such actions. XXXX. I would also request that this matter is reviewed by a senior investigator who has not previously been involved in my case. This case involves a large-scale, multi-victim investment scheme which has now been independently evidenced as insolvent, mismanaged, and involving the dissipation of investor funds. It should not be treated as a standard merchant dispute. Please see attached additional evidence and formal complaint submitted to Bank of America. This includes independent administrator findings confirming the fraudulent nature of the transaction.

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