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A 61-year-old woman lost $387,000 in a bank scam after being deceived by callers posing as Chase Bank fraud department employees. The scammers convinced her to make multiple withdrawals over two months. Police arrested Dominique Jones and Jean Saint Fort, who face multiple charges, including attempted grand larceny.
Bank of America has agreed to a $2.85 million settlement over claims it improperly charged fees on accounts protected by New York's Exempt Income Protection Act. Customers whose accounts were affected between January 1, 2009, and February 17, 2023, may receive around $35 each, with no claim form required. The deadline for exclusion and objection is May 19, 2025, and the final approval hearing is set for June 18, 2025.
Kekius Maximus, a little-known meme coin, surged over 120% following Elon Musk's profile update on X, reaching a four-month high of $0.06. Despite the excitement, concerns arise over potential scams, as analysts warn of projects holding 99% of the supply. Musk's indirect influence on crypto markets continues to spark speculative buying, though history suggests such pumps may not last.
UBS customers are falling victim to a spoofing scam where fraudsters impersonate bank employees, claiming unauthorized transactions to extract personal information and empty accounts. In other news, construction workers will demonstrate in Lausanne and Zurich for better working conditions, while the Eurovision Song Contest final will see Sweden competing for its eighth trophy. Additionally, a significant mudslide in Lötschental has raised concerns, with ongoing assessments to ensure public safety.
UBS is in discussions to compensate clients who suffered significant losses from complex foreign-exchange derivatives, particularly after U.S. tariffs led to market volatility. Hundreds of clients, primarily wealthy individuals, reported losses totaling hundreds of millions of francs, with some investments losing over 50%. The bank acknowledged the extreme market fluctuations and is analyzing the situation, emphasizing that such products are not suitable for all investors.
UBS is negotiating compensation for clients who suffered significant losses from complex currency derivatives linked to volatility caused by U.S. tariffs under President Trump. Several hundred clients, including wealthy individuals, reported losses totaling hundreds of millions of francs, with some losing over 50% of their investments. The bank stated that these products were not suitable for all investors, highlighting the risks involved.
Warren Buffett has sold his stake in Nubank, a crypto-friendly financial institution, realizing a profit of $250 million. This move reflects a significant shift in his investment strategy as he distances himself from the cryptocurrency sector.
Coinbase (COIN) shares fell 7.2% following a data breach and an SEC investigation into potential user number misstatements during its 2021 IPO. Analysts from Barclays and Oppenheimer believe the market's reaction is overblown, emphasizing that the breach was due to bribed customer support agents, not a failure in blockchain security. Despite the challenges, they view the current stock weakness as a buying opportunity, with Coinbase estimating costs of up to $400 million to address the breach and related expenses.
Andrew Blassie, a vice president at Bank of O’Fallon, faces federal charges for defrauding the bank of nearly $2 million and stealing $429,000 from a Lebanon couple's retirement savings. Allegations include a check-kiting scheme and extravagant spending habits, leading to his attempted suicide when investigators closed in. Blassie, who is being held in a psychiatric unit, could face up to 40 years in prison if convicted.
UBS customers are facing a new scam where fraudsters impersonate bank employees, calling from the official helpline number to extract sensitive information. The scammers claim there are issues with the victim's Maestro card, gaining their trust before requesting personal details that allow them to empty accounts. Authorities advise hanging up on suspicious calls and contacting the bank directly using verified emergency numbers.
Financial Scams and Security
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
jpmorgan chase customer loses 387000 in elaborate phone scam
19:04 17.05.2025
bank of america offers cash from 2.85 million settlement for customers
11:46 17.05.2025
Elon Musk's name change sparks massive surge in Kekius Maximus coin
11:36 17.05.2025
ubs customers fall victim to spoofing scam as accounts drained
08:40 17.05.2025
ubs faces client backlash over significant losses from complex currency derivatives
19:43 16.05.2025
ubs negotiates client compensation for currency derivative losses amid market volatility
19:38 16.05.2025
Warren Buffett sells Nubank stock reaping 250 million dollar profit
18:39 16.05.2025
analysts view coinbase stock sell-off as overreaction to recent news
13:53 16.05.2025
bank executive attempts suicide amid fraud investigation and financial scandal
12:30 16.05.2025
scammers impersonate bank employees to steal from UBS customers
11:55 16.05.2025
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