According to a recent report, an elderly woman lost all of her savings in a scam despite warnings by JPMorgan Chase.
The Washington Post reports that retired therapist Judith Boivin, who was a former therapist, lost approximately $600,000. Scammers had led her to believe she was a part of shady government operations.
Boivin claims that the bad actors led her to believe she worked on a joint mission with FBI agents in order to bring down a Mexican drug cartel engaged in money laundering and the sale of illegal drugs.
Employees of Morgan Stanley became immediately suspicious when Boivin went to the bank to withdraw her nest egg. She was told by an investigator that Boivin had likely been the victim of a sophisticated fraud.
Boivin, however, says that she followed the script provided by scammers who instructed her to send a letter to the bank requesting the release of her money.
I’m making this decision while I have a sound mind. After celebrating my 79th Birthday and entering my 80th Year of Life, I want to be in full control of all my finances.
Boivin received instructions from Morgan Stanley to divide the money and deposit in Capital One, JPMorgan Chase PNC Bank, and TD Bank new accounts. She then took $10,000-$20,000 per visit to avoid suspicion.
Boivin claims she handed over most of her money in a brown-paper envelope to the couriers who were waiting at a parking lot nearby, thinking that FBI agents would be watching.
Morgan Stanley claims that Boivin was not deterred despite the fact the bank had taken several measures to prevent her losing money to fraud. These included putting a temporary hold on the account, and contacting a relative and authorities.
JPMorgan claims that branch staff encouraged her to reconsider.
“Despite our staff’s repeated attempts to convince her otherwise, she insisted that she was unable to accept the offer because she had to use the funds for an entrepreneurial venture.
Later, she admitted that the scammers had taught her what to tell our bankers. It is best to ignore money requests from strangers .”
Capital One, PNC Bank and TD Bank have said they cannot comment on Boivin.
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