The story of how a bank with $100 bills became the target of a massive fraud scam that stole more than $50 million.
The bank that was targeted by a $100 banknote scam, a scam that sent customers into a panic after a few minutes of being on a phone call with a bank, went into default on its loans and the government filed a lawsuit.
The lawsuit was filed Tuesday in the U.S. District Court for the Northern District of Florida, and it is one of the first cases in the country against a major bank for a fraud that was perpetrated against a large number of people.
“The fraud was perpetrated by a bank that is part of a global banking system, which is not what the United States was hoping for when it came to its financial system,” said Christopher Allen, chief executive of the Federal Reserve Bank of Dallas, in a news release.
“But it was a huge mistake.
The bank should have known better.”
Bank of America spokesman Jim Ruggiero said in a statement that the bank is “aware of the complaint filed by the federal government and is in the process of reviewing it.”
The bank had $3.8 billion in cash in the bank, with $1.6 billion of it in the name of its customers.
That included $2 billion of deposits made at a branch in Fort Lauderdale.
The rest of the money was in a trust account, in the form of U.N. savings.
The scam was first reported by Reuters.
Reuters and the Associated Press have more on the bank.
A bank spokesman said the bank was not aware of the fraud when it opened a bank account for customers and would work to identify the perpetrator and recover the money.
The case is part-of a broader bank fraud investigation by federal agents that started in late March.
The agency has also issued a warning to all U.T.L. employees to be extra vigilant about their accounts.
The U. S. Attorney’s Office said the alleged victim is a U.K. resident who was a resident of Florida at the time of the alleged fraud.