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Iowa Man Sues for $716,212 Loss in Alleged Cryptocurrency Scam: Seeking Justice and Recovery

cryptocurrency scam, customer protection, elder abuse, financial fraud, Investment Fraud, Pig Butchering, Wells Fargo lawsuit

A 75-year-old man from West Des Moines, Joseph Harris, has filed a lawsuit against Wells Fargo and several other banks, claiming he lost over $700,000 in a cryptocurrency scam known as “pig butchering.” Harris alleges he was contacted by a scammer, posing as an investment advisor on social media, who lured him into making multiple large wire transfers under false pretenses. The lawsuit accuses the banks of failing to investigate suspicious transactions and not adhering to anti-money-laundering laws, which it claims facilitated the fraud. Harris seeks to recover his losses and punish the banks for their alleged negligence. This case highlights the growing issue of cryptocurrency scams targeting vulnerable individuals.



A 75-year-old man from West Des Moines, Iowa, is taking legal action against Wells Fargo and several international banks after losing over $700,000 in a cryptocurrency scam, known as “pig butchering.” Joseph Harris claims that these banks failed to protect him, leading to substantial financial harm.

Harris filed his lawsuit in the Southern District of Iowa, accusing Wells Fargo, Hang Seng Bank of Hong Kong, Tien Phong Commercial Joint Stock Bank (TPB) from Vietnam, and others of negligence. He says that back in June 2023, a person named Xinyi Deng contacted him on LinkedIn and WhatsApp, convincing him to invest in a gold-related cryptocurrency scheme.

What is “Pig Butchering”?

“Pig butchering” is a type of cryptocurrency fraud where victims are lured into investing larger and larger sums of money under false pretenses, often leading to devastating losses. In Harris’s case, Deng offered him “assurances of significant returns,” prompting him to make several large wire transfers without raising any alarms with the banks.

Harris claims he was instructed to provide misleading reasons for these transfers, raising red flags that went ignored by his banks. After transferring amounts totaling $716,212, he discovered the scam only when he attempted to withdraw his funds and could no longer access his account.

Lawsuit Focuses on Bank Responsibility

The lawsuit emphasizes that banks like Wells Fargo had a duty to protect their customers, especially older clients like Harris. It alleges that they failed to investigate suspicious transactions and had “heads in the sand” regarding their responsibilities.

Harris is seeking both actual damages and punitive damages, arguing that the banks must be held accountable to deter future fraud cases in Iowa. The banks mentioned in the lawsuit have yet to file responses.

Recent Similar Cases

This isn’t the first case of its kind in Iowa. Just earlier this year, another man, Brian Hoop, sued a different group over a cryptocurrency scam, losing over $232,000 in a similar fraud scheme. This points to a growing trend of such scams targeting unsuspecting individuals, highlighting the need for awareness and stronger protections in banking practices.

As cryptocurrency scams continue to rise, both victims and financial institutions are urged to practice due diligence. The outcome of Harris’s lawsuit may set a significant precedent for how banks handle fraud cases and customer protection in the digital age.

Tags: cryptocurrency scam, pig butchering, Wells Fargo lawsuit, financial fraud, customer protection

What happened in the Iowa man’s case about cryptocurrency?

An Iowa man is suing after losing $716,212 in what he claims was a scam involving cryptocurrency. He believes he was tricked into investing money that went to fraudsters instead of legitimate investments.

Why did the man invest in cryptocurrency in the first place?

The man was attracted to cryptocurrency because he thought it was a good way to earn money. Many people see it as a chance to invest and grow their funds quickly.

What type of scam was involved in this case?

The scam likely involved fake websites or brokers who promised high returns on investments. These scams can be convincing, leading people to believe they are making smart financial choices.

How can someone avoid falling for cryptocurrency scams?

To avoid scams, it’s important to:
– Research any platform or broker before investing.
– Look for user reviews and check for any complaints.
– Be cautious of offers that seem too good to be true.

What is the man seeking by filing this lawsuit?

The man is seeking to recover his lost money. Through legal action, he hopes to hold those responsible for the scam accountable and get back what he lost.

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