Firm Serves as Co-Counsel with Silver Miller Against Charles Schwab, Bank of America, and Unchained Trading

Kronenberger Rosenfeld, LLP, and its co-counsel Silver Miller, filed a federal lawsuit in the District Court for the Northern District of California that highlights the ever-growing concern of elder financial abuse.

The elder financial abuse lawsuit, filed against Charles Schwab, Bank of America, and Unchained Trading, alleges that these institutions not only failed to meet the required obligations of protecting their client’s assets from bad actors, but even encouraged the plaintiff to continue spending money that enabled the fraud, due to business incentives. The victim couple were manipulated to have reported losses of over $22 million.

The alleged gross negligence from Charles Schwab, Bank of America, and Unchained Trading stems from failing to uphold industry-standard safeguards required under the Bank Secrecy Act, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. Within a few weeks, millions of dollars were unceremoniously transferred through multiple accounts, without Enhanced Due Diligence applied by the financial institutions to protect the victims.

As mentioned in the complaint, there is an ongoing trend of cybercrime that disproportionately affects how elder individuals experience financial abuse. Data from the FBI shows that cryptocurrency cybercrime losses reached a staggering $5.6 billion in 2023, a 45% increase since 2021¹.

The complaint informs consumers that ongoing cryptocurrency theft is not slowing down, and is in fact emboldened by the lack of accountability from financial institutions. Kronenberger Rosenfeld, LLP continues to be relentless advocates for victims of elder financial abuse and remains committed fighting for justice and accountability in the financial sector. If you or a family member are the victim of elder financial abuse, we encourage you to contact us through our online case submission form.