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Lawsuit over $3.6 million scam enters mediation, seeks legislative change

Published 11/06/2023, 10:50 PM
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The lawsuit filed by Janine Williamson against Wells Fargo and Navy Federal Credit Union over the loss of her late uncle's $3.6 million savings to a phishing scam has been moved into federal mediation by Judge Claude M. Hilton. Larry Cook, a retired U.S. Navy commander, had transferred substantial amounts to a foreign bank account after suffering a stroke. This occurred despite his account being flagged by Adult Protective Services.

Williamson's suit alleges that Navy Federal Credit Union processed 74 wire transfers totaling $3.6 million during Cook's final months, despite alerts from Adult Protective Services about his situation. These transactions were made to a foreign bank account as part of a phishing scam that Cook fell prey to.

In honor of Veteran's Day and in recognition of Cook's 24 years of Navy service, Williamson is pushing for stricter wire fraud laws and stronger protections against elder financial exploitation. Her efforts have drawn attention from both law enforcement authorities and the media.

The case is now in the hands of federal mediators following its dismissal from court by Judge Hilton. Williamson's pursuit for legislative changes aims to curb wire fraud and protect seniors from financial exploitation, shedding light on an issue that has become increasingly prevalent in recent years.

InvestingPro Insights

Wells Fargo, the bank involved in the lawsuit, presents an interesting investment case. According to InvestingPro, the company has been aggressively buying back shares, indicating confidence in the firm's future performance. Additionally, 10 analysts have revised their earnings upwards for the upcoming period, suggesting potential growth. The bank is also trading at a low P/E ratio relative to near-term earnings growth, which might signal an undervalued stock.

In terms of real-time data, Wells Fargo has a market capitalization of $151.29 billion and a P/E ratio of 9.11. Over the last twelve months as of Q3 2023, it generated a revenue of $76.49 billion, marking a 2.01% growth. Its operating income stood at $20.45 billion, indicating a healthy operating margin of 26.74%.

These InvestingPro Tips and data points provide valuable insight into the financial health and outlook of Wells Fargo, which may be of interest to readers following the ongoing lawsuit. For more such insights and tips, InvestingPro offers numerous additional pointers for investors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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