Crypto Scam Victim Expands Legal Action to Two More Banks
- Michael Zidell filed lawsuits against East West Bank and Cathay Bank, claiming negligence in a $20 million crypto scam.
- Zidell alleges he transferred nearly $7 million to East West Bank and over $9.7 million to Cathay Bank as part of the fraud.
- The lawsuit accuses the banks of failing to monitor suspicious transactions and aiding in securities fraud.
- Zidell previously sued Citibank for similar claims involving $4 million in transfers.
- He seeks compensatory damages, legal costs, and interest through a jury trial.
Michael Zidell has expanded his legal battle by suing East West Bank and Cathay Bank after losing millions in a crypto scam initiated through a Facebook romance connection. The lawsuits claim the banks neglected their duty to monitor suspicious transactions that facilitated the fraud.
Zidell’s case highlights the significant financial losses he suffered, with nearly $17 million allegedly funneled through these two banks alone, underscoring the need for vigilant transaction monitoring by financial institutions involved in NFT investments. (Source)
