Elderly man victim of bank scam

November 3, 2008 5:53:47 PM PST
Imagine moving all your money to a new bank and then having it all disappear. That's what happened to a 90-year-old Contra Costa man. This was very disturbing to the family. Their dad and mom just moved to be closer, to be safer and then their life savings disappears.

Allen Weinstock told 7 On Your Side about his move to the East Bay from the Sacramento area. The 90-year-old transferred money to a Dublin Bank of America branch in the form of two CDs. Three days later, he went back to get some cash.

"So when she looked it up to find out what happened, she said you don't have any money, someone took all your money out," said Weinstock.

The bank knew something was up and gave Weinstock $5,000 to live on, while they figured out what happened.

Weinstock's daughter, Nancy Simpson, went to the bank with her dad and together they were told what happened.

"What she explained to me was this was done over the phone, wire transfer to another account and did you know someone named Sherrie Nunez, because she was the one who had done this with my dad. Of course we don't know anybody with that name," said Simpson.

Nancy contacted 7 ON Your Side when the money was not replaced in the account as soon as she had expected it.

We contacted Bank of America and we were able to get the money, tens of thousands of dollars replaced.

The bank told us it is: "Actively investigating the causes of this fraudulent activity. Because this is an ongoing investigation, we cannot speculate on the reasons this incident occurred."

"We got the money back the next day because of your involvement," said Simpson. "I'm telling everyone if you have an issue, Channel 7. I have, I have, and it really makes a difference."

"You know the public needs support," said Weinstock.

We appreciate Bank of America hopping on this. If criminal charges come out of this, we will let you know.


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