The Expert Podcast

Okay, here's another example of where a major bank had to pay back a customer who lost money on a Ponzi scheme. You may not think the bank is liable, but if the bank allowed a scammer to access your money by not even following their own procedures, you may have some liability against that bank. And now granted, the bank is not the one who stole your money. They didn't scam you out of your money. They're not the fraudster. They're not the person who did the Ponzi scheme. They probably didn't even know about it.

However, if your bank left the door wide open for your money and the Ponzi schemer was allowed to take it because they didn't notify you properly, they let the transfer happen improperly, or they didn't even use best practices—simple things to protect you—they could be liable. That's why we always talk about third-party liability. If you've been defrauded, you will be back in your video in just a few seconds.

In the meantime, remember that actualhum.com offers you live one-on-one private video consultation with an expert in this exact subject. We want to listen to your story. We want to hear your questions. We want to give you expert advisement of your options and tell you what we know about your particular situation. Now, back to your video.

Audit in a Ponzi scheme or an online scam or a crypto scam—always look at what other third parties might be liable to help you get your money back because the scammer may be hard to find. You may not be able to get all the money from them because they may have spent some of it. It may be expensive because they're overseas. So, you might only get back half your money by going directly after the scammer, but you can get more of it by looking at third parties.

And this was a class action. This wasn't just one plaintiff. It was a bunch of people who sued Umpqua Bank to get their money back because the scammers used the open-door policy. They used the lax enforcement procedures of the bank to make it easier for them to steal the money from these depositors.

So, if you've had a loss, make sure that any investigation you do includes looking at possible third-party liability to help you get back recovery of your money. If you found this video helpful, be sure to click on other videos on our channel to see if there's further information that could give you more insight into resolving your particular situation.