Michael Zidell, who previously sued Citibank, is now filing lawsuits against East West Bank and Cathay Bank, accusing them of ignoring suspicious transactions.
Allegations Against the Banks
Zidell has filed lawsuits in a California federal court claiming the banks failed to fulfill their duties to prevent fraudulent transactions. He states he sent 18 transfers totaling nearly $7 million to scammers' accounts at East West Bank and 13 transfers worth over $9.7 million to Cathay Bank.
The Scam Story
Zidell met a woman named 'Carolyn Parker' on Facebook in early 2023, and they quickly formed a romantic relationship. Within a month, she allegedly convinced him to invest in NFTs through a platform she trusted. The platform vanished, leaving Zidell with investments totaling over $20 million.
Negligence and Potential Consequences
In his lawsuits, Zidell argues that East West Bank and Cathay Bank facilitated fraud by providing accounts and wire transfer services without investigating suspicious transactions. He is seeking compensatory damages and claims the banks should be held liable for aiding elder abuse.
Zidell aims for accountability amid rising cases of scams in the crypto industry, seeking justice in his legal battles.
