The Expert Podcast

So if you lost money in a scam to some kind of online fraud or Ponzi scheme how do you get a bank to pay you back the bank didn't steal your money but how do you get a financial institution to give you your money back well here's a good example it's called third party liability here's an example where a Swiss bank will have to pay back a hundred plus million dollar because they helped some scammers hide billions now this has to do with back taxes meaning that the scammers were scamming the IRS out of tax money but it the logic is the same the legal theory is the same.

Now remember we're not attorneys not giving legal advice but in many cases we've seen CA situations where a fraud stir a scammer has stolen money from a person using fraud or a pony scheme and they spent a lot of the money even if they were caught they were prosecuted a fraud investigation discovered them the fraudster maybe have spent half the money so the victims can't get all their money back where does the rest come from.

Well you can go after third parties who enabled the fraud who extended the fraud who made it possible for the fraud to go as long as it did many times these third parties are banks and you might not think the bank has liability but if they did something either intentionally or even accidentally that let that scammer run their scam longer or made it easier for them to do they may have liability and even if they don't see it directly a lot of times their insurer or The Regulators will force them to pay restitution we've seen this in many Ponzi scheme cases the Bernie maof case the Scott rosin case in this case uh the victim was the Federal Government.

So what kind of scams are there out there well here's a big crypto scam and romance scam they may sound different but they're the same a lot of times somebody will present thems as a possible romantic partner online a dating partner or some type of the start starts out with a friendship and then it turns into romance and they start steering you towards Investments or putting money into crypto turns out it's a scam and many times there's Banks behind this.

Here's another one that's an embezzlement this woman stole money directly from her employer million dollars and there's going to be a repayment but there were also third parties that enable this so anytime you have a scam or a fraud you also want to include in your investigation what third parties may have liability because in reality the principal the scammer may not have the resources to do it and you can see right in this article let her try to repay try is the key word many times the scammers don't have all the money so you want to look for third parties to make you whole as a victim.