Daily Archives: October 29, 2016

Wells Fargo clears fake check, customer on the hook

GREENSBORO, N.C. — James Simmons now knows he got scammed but he says his bank shouldn’t have to hold him responsible for the money lost because it only became available to him when the bank cleared the fake check.

“I got scammed and they took out every penny we had,” Simmons said.

It started when Simmons put his Scooter on Craigslist for sale and soon enough he got a buyer.

“And about two or three days later, UPS brought me a check,” he said about how the check was delivered.

Simmons was selling the scooter for $675 but the check he received was for $2,200.
The buyer, Simmons says, told him to deposit the entire amount into his bank account, keep the money for the scooter and send the rest to a moving company which would take the scooter to the buyer.

“I went and I did that,” Simmons said. “The check looked official. On the back of it. It had signatures and everything.”

According to updates posted by Wells Fargo to Simmons’ bank account, the check was deposited October 6th, 2016.

By the next day, it had cleared and the money was available in Simmons’ account.

Simmons took out the $1,475, as instructed by the buyer, and sent it to a moving company he now knows doesn’t exist.

Read on.

Backed by ‘Occupy’ activists, Loretta Sanchez criticizes Kamala Harris’ signature mortgage settlement

Orange County Rep. Loretta Sanchez’s campaign for the U.S. Senate lobbed a new attack at front-runner Kamala Harris on Wednesday, this time criticizing the landmark $25-billion national settlement Harris helped wrestle from the nation’s five largest mortgage firms.

The settlement is one of the California attorney general’s biggest victories: A recent ad from Harris’ campaign featured President Obama praising the settlement. Sen. Elizabeth Warren (D-Mass.) has too.

Sanchez, as she has done before, held a news conference outside a state building in downtown Los Angeles, joined by members of an activist group called Occupy Fights Foreclosures, a spinoff of the Occupy LA protest group.

Sanchez, who has tried to appeal to conservatives and Republicans in the campaign, tried her hand at economic populism at the news conference.

“Harris has not brought one single prosecution against any major bank executive,” she said.

Read on.

Madoff trustee reaches $277 million accord with money manager’s family

The court-appointed trustee liquidating Bernard Madoff’s firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff’s Ponzi scheme.

Irving Picard, the trustee, said victims will receive at least $232 million of cash, and the rights to $30.7 million of assets that are expected to be sold.

A separate $15 million fund will pay claims by California investors, resolving litigation by that state’s Attorney General Kamala Harris, and which had been brought in 2009 by her predecessor, California Governor Jerry Brown.

Friday’s settlement requires approval by U.S. Bankruptcy Judge Stuart Bernstein in Manhattan, who oversees the liquidation of Bernard L. Madoff Investment Securities LLC. A hearing is scheduled for Nov. 22.

The cash payout would boost to $11.46 billion the sum that Picard has recovered for former Madoff customers, or 65 percent of their estimated $17.5 billion loss. Picard has said half of the 2,597 accounts with valid claims have been fully paid off.

Read on.