Citibank has been ordered by a New York court to compensate an elderly client who lost millions after unauthorized transactions drained her account of $773,000.
According to the New York Post, the court ordered Citibank pay Graham $3.5million, including triple of the fraudulently withdrew amount.
According to court documents, Citibank did not “investigate the funds that were removed without Graham’s consent or authorization” and violated the Electronic Funds Transfer Act. Consumers are protected by the Electronic Funds Transfer Act against unauthorized transactions, withdrawals or transfers from their bank accounts.
This court also found that if Citibank had “properly adhered to its own security protocols on Citibank accounts after the ATM withdrawals”, the account would be flagged and prevented the wire transfer. Graham is blind legally, having suffered a stroke back in February 2020.
The New York Post reports that Graham’s Citibank bank account has been drained by unauthorized ATM withdrawals, as well as wire transfers. According to the report, Graham’s niece made 211 out-of state withdrawals totaling $135,000 from his bank account. Graham’s nephew also transferred approximately $638,00 from Graham Citibank’s account. According to reports, the niece spent money on vacations and real estate properties as well as cash gifts for other family members.
Citibank was ordered to pay $242.828 in interest and $150,000 for damages. Citibank also received a $10,000 fine for hiding evidence in court.
Citibank plans to appeal against the decision of the court.
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