logo
JPMorgan Chase sues more customers who allegedly stole cash in 'infinite money glitch'

JPMorgan Chase sues more customers who allegedly stole cash in 'infinite money glitch'

NBC News16-04-2025

JPMorgan Chase this week began suing more customers it has accused of stealing funds from the nation's largest bank in last year's so-called infinite money glitch.
The bank is now going after customers who allegedly stole amounts below $75,000, which means it is filing complaints in state courts, instead of the federal venues it chose last year, according to a person with knowledge of the company's deliberations.
The glitch, which went viral in late August in videos posted to social media, allowed customers to withdraw the entire value of a fraudulent check before it bounced.
″ On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $73,000.00,' the bank said in a suit filed Tuesday afternoon in Gwinnett County, Georgia.
By the time the check bounced six days later, a series of cash withdrawals at two Chase branches in the state totaling $82,500 had been made, according to the bank.
The accused, whose name is being withheld by CNBC until she can respond, owes the bank $57,847.69, and hasn't complied with requests to return the funds, according to the lawsuit.
Besides the Georgia case, the bank is filing lawsuits in state venues in Miami; the Bronx, New York; and two Texas counties, said the person, who declined to be identified speaking about the bank's plans.
The episode highlights the lengths JPMorgan will go to to claw back funds it is owed and to deter future crimes. The bank looked at thousands of potential cases, choosing to litigate the largest amounts with the clearest pattern of theft, said the person familiar.
The bank has also sent letters to more than 1,000 customers demanding they repay funds since October, this person said. Some people returned money on their own after CNBC reported in October that the bank was going after potential fraudsters who had drawn down the largest amounts, said the person.
The lawsuits are separate from potential criminal cases that both federal and state law enforcement may be pursuing, according to the bank.
'We're still investigating cases of fraud and cooperating with law enforcement — and we'll do that for as long as it takes to hold fraudsters accountable,' Drew Pusateri, a spokesman for the New York-based bank, said in a statement.
Bankruptcy shield?
JPMorgan is also considering pushing back against the bankruptcy filings of alleged 'infinite money' fraudsters.
In one of the bank's motions made this week in bankruptcy court in Grand Rapids, Michigan, the company asked a judge for more time to object to the customer's attempt to discharge his or her debts.
The bank is the 'holder of an unsecured claim' that resulted from 'actions taken by the Debtor to deposit a fraudulent check in the amount of $44,779.46 to which the Debtors immediately made numerous cash withdrawals on August 30, 2024 as well as various Cash App transactions to himself,' the bank alleged.
'There are genuine and important reasons people use bankruptcy protections,' JPMorgan's Pusateri said. 'Getting rid of debts you accumulated through fraud isn't one of them.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Women's supplements brand O Positiv explores sale, sources say
Women's supplements brand O Positiv explores sale, sources say

Reuters

timean hour ago

  • Reuters

Women's supplements brand O Positiv explores sale, sources say

NEW YORK, June 11 (Reuters) - O Positiv Health is exploring a sale that could value the women's health supplements company at around $1 billion, according to three people familiar with the matter. The founder-owned business is working with investment bank Jefferies on the sale effort, said the sources, who added that O Positiv is projecting $275 million of revenue this year after generating around $225 million in 2024. The sources cautioned that no deal was guaranteed, and spoke on condition of anonymity to discuss private information. Jefferies declined to comment. O Positiv did not respond to a comment request. Siblings Bobby and Brianna Bitton launched O Positiv in 2018. The company makes vitamins and probiotics that address a variety of health concerns, from PMS and menopause symptoms to vaginal and gut health. The products are sold on the company's website, as well as through retailers including Walmart (WMT.N), opens new tab, Target (TGT.N), opens new tab and Amazon (AMZN.O), opens new tab. Consumer health companies and private equity firms alike have put more emphasis on investing in the women's health space in recent years, which has created a significant pool of buyers for brands founded by entrepreneurs. Such deals include Pharmavite buying Bonafide in November 2023 and L Catterton, in partnership with actress Naomi Watts, acquiring Stripes Beauty last year.

Scotbeef shuts historic Inverurie abattoir
Scotbeef shuts historic Inverurie abattoir

Press and Journal

timean hour ago

  • Press and Journal

Scotbeef shuts historic Inverurie abattoir

Meat processor Scotbeef has shut its historic abattoir in Inverurie. The owners have cited 'sustained challenges' to the business. They said the closure was necessary to protect the long-term future of Scotbeef. Staff were reportedly told to go home today, with farmers being told their livestock was no longer required. Scotbeef is a subsidiary of East Kilbride-based JW Galloway. Its processing sites manufacture fresh beef, lamb and value-added products for leading UK and international retail markets. Scotbeef also has facilities at two other Scottish locations – East Kilbride and Annan – as well as operations south of the border in Sheffield, Heysham and Wolverhampton. Other sites in Bridge of Allan and Glasgow have been sold by the firm in recent years. It is not known yet how many staff are impacted by the closure in Inverurie, where there has been an abattoir on North Street for about 100 years. Neither Scotbeef nor JW Galloway have responded to our calls. The move follows a steep decline in processing activity at the Aberdeenshire site. In recent times just a few hundred cattle have been processed there some weeks, a fraction of the total capacity. Industry insiders have blamed a price war between processors for putting Scottish abattoirs under severe pressure. In accounts lodged at Companies House earlier this year, Scotbeef said it was facing labour shortages and industry pay rate challenges. Plans for a replacement abattoir in the area have been on hold for years. In 2023, Aberdeenshire councillors backed plans to demolish the existing abattoir to make way for 50 new homes. A previous proposal to build 77 homes on the site was given the go-ahead back in 2019. Now, closure for the existing site would appear to scupper any prospect of the abattoir being relocated to ANM Group's Thainstone Business Park, as was previously proposed. Gordon and Buchan Conservative MP Harriet Cross said: 'This closure is deeply concerning and is a blow to livestock farmers across the north-east. Abattoirs such as that in Inverurie are crucial to the food supply chain and the wider agricultural sector. 'But across the country, they are being driven out of business at an alarming rate by rising costs, regulatory pressures and a drop in livestock numbers. 'There is also an immediate human impact of all this, and my thoughts go out to the employees at Inverurie whose jobs are at risk.' The MP added: 'If both of Scotland's governments are serious about sustainability, rural jobs, and animal welfare, then more support needs to be given to abattoirs so they can survive these unprecedented challenges.'

Ex-girlfriend made to read out loving texts she sent to accused rapper Combs
Ex-girlfriend made to read out loving texts she sent to accused rapper Combs

BreakingNews.ie

timean hour ago

  • BreakingNews.ie

Ex-girlfriend made to read out loving texts she sent to accused rapper Combs

A defence lawyer for hip-hop entrepreneur Sean 'Diddy' Combs had his ex-girlfriend read aloud a series of loving text messages she sent him over the past few years until she broke down in tears on Wednesday. The second day of cross-examination by lawyer Teny Geragos seemed aimed at supporting the defence position that the woman, who testified under the pseudonym 'Jane', was a willing participant in the sometimes-weekly sex with male sex workers that Combs directed and watched for hours. Advertisement Ms Geragos and Jane read aloud dozens of text messages exchanged during a relationship that stretched from 2021 until Combs was arrested last September. At one point, Jane read a text saying she had 'never had a man take care of me like you do' and professing her unending love for the entertainment icon – before Jane stopped reading and began sniffling, then dabbed tears from her eyes with a tissue. Sean Combs denies the charges (Mark Von Holden/Invision/AP) After prosecutors objected and requested a sidebar conversation with the judge away from the jury, Jane sat slumped in the witness chair, hair hanging over one side of her face. At the defence table, Combs was quietly reading from one of the TV monitors in front of him. Advertisement It was the fifth day of testimony for Jane, who has said she still loves Combs. She previously discussed gaining insight into her relationship with Combs after three months of therapy. Jane also said she never wanted to have sex with any man except Combs but did so to please him. At other points on Wednesday, Ms Geragos elicited from Jane that she frequently became angry at Combs and wanted to end their relationship because she got upset that he was treating other girlfriends better. In one instance, Jane acknowledged, the Bad Boy Records founder even bought another girlfriend jewellery that was a matching set to jewellery he had given her. Advertisement Prosecutors say they charged Combs with sex trafficking and racketeering conspiracy because he used threats, drugs and violence to force women into unwelcome sexual experiences and used his employees and associates to help him get what he wanted. Combs, 55, has pleaded not guilty. If convicted, he faces 15 years to life in prison. The testimony on Wednesday came during a shortened day in the courtroom that began in the afternoon. Ms Geragos said she expected to finish her cross-examination Thursday morning. Assistant US Attorney Maurene Comey, who is leading the prosecution, said the government expects to rest its case as early as next Wednesday. Advertisement Defence lawyer Marc Agnifilo would not outline what will occur when the defence gets its turn to call witnesses, saying that will depend on which witnesses the government still calls to the stand, but he said he was confident the trial will end by July 4.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store