90-Year-Old LA Man Scammed Out of $800K Life Savings
An elderly man in Los Angeles, Irving Rosenberg, faced a shocking financial betrayal when scammers illegally withdrew $814,000 from his bank account. At 90 years old, he deals with various health issues, including challenges with hearing, walking, and memory. The unauthorized withdrawals began last April and quickly depleted his life savings.
Details of the Scam
Rosenberg’s ordeal started when significant amounts of money began disappearing from his savings account. “I was angry and frustrated,” he said. “It took all my life savings… I was hurt.”
Fraud Investigation
Initially, Rosenberg reported the theft to Wells Fargo, but the bank dismissed his concerns due to its strict 60-day reporting rule. Despite this, news investigations conducted by ABC7’s “7 On Your Side” unit helped spotlight the fraud. Their intervention prompted Wells Fargo to reassess the situation.
Reimbursement from Wells Fargo
After further investigation, Wells Fargo announced that they would restore Rosenberg’s funds. A company statement read, “After working with our customer and their designated Power of Attorney, we are pleased to share that we are returning Mr. Rosenberg’s money back to his account.” The bank emphasized its commitment to fraud prevention and encouraged customers to monitor their statements regularly.
Key Takeaways
- Victim: Irving Rosenberg, 90 years old
- Amount Lost: $814,000
- Incident Start: April 2023
- Initial Bank Response: Denied claim due to a 60-day rule
- Investigation Unit Involved: ABC7’s “7 On Your Side”
- Status: Funds restored following investigation
This case highlights the importance of fraud awareness and timely reporting in preventing such scams. Customers should remain vigilant and report suspicious activities to protect their savings from similar incidents.
