Latest news with #DrewPusateri
Yahoo
27-04-2025
- Business
- Yahoo
JP Morgan Chase targeting more customers who allegedly used 'infinite money glitch' to steal cash, report says
It was a scheme too good to be true — and now, the bank wants its money back. A number of fresh lawsuits have been filed against J.P. Morgan Chase customers nationwide accused of exploiting what became known on social media as the 'infinite money glitch,' according to CNBC. The scam briefly let users withdraw phantom funds out of their bank accounts. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) "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 spokesperson for the bank, told the broadcaster in story published April 16. CNBC says a source familiar with the company's actions revealed the bank is now targeting customers who allegedly stole amounts below $75,000, and letters were sent to over 1,000 customers demanding they repay funds. The "infinite money glitch" involved depositing fake checks into an ATM and withdrawing the money before the checks bounced. It's a form of check fraud. This scheme became widely known in August after spreading quickly on social media. The core exploit was that the bank's system temporarily made funds from deposited checks available before the bank had time to verify and clear the check. J.P. Morgan Chase has filed new lawsuits in multiple states, including Georgia, New York, Texas and Florida, against individuals accused of exploiting the glitch, per CNBC. The bank previously focused on larger cases in federal court but is now pursuing smaller cases in state courts. Read more: This hedge fund legend warns US stock market will crash a stunning 80% — claims 'Armageddon' is coming. Don't believe him? He earned 4,144% during COVID. Here's 3 ways to protect yourself "On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $73,000," the bank said in a suit filed in Georgia on April 15, according to CNBC. The bank further claimed a series of cash withdrawals at two Chase branches in the state totaling $82,500 had been made before the check bounced after six days. CNBC withheld the defendant's name, but says the lawsuit claims they owe the bank $57,8847.69 and have yet to comply with requests to return the funds. This isn't the first time a financial hack has gained popularity online, and it may not be the last. If there's one lesson here, it's this: taking advantage of a "glitch" doesn't make it legal, and companies will come after you. This case also highlights a broader truth in today's finance world: viral "hacks" that promise fast cash almost always come with strings attached — whether legal, financial or ethical. If something seems like it breaks the rules, it probably does. And if you're ever tempted by a so-called infinite money trick, remember: the banks have lawyers. Lots of them. It's always best to stay on the cautious side. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Yahoo
26-04-2025
- Business
- Yahoo
JP Morgan Chase targeting more customers who allegedly used 'infinite money glitch' to steal cash, report says
It was a scheme too good to be true — and now, the bank wants its money back. A number of fresh lawsuits have been filed against J.P. Morgan Chase customers nationwide accused of exploiting what became known on social media as the 'infinite money glitch,' according to CNBC. The scam briefly let users withdraw phantom funds out of their bank accounts. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) "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 spokesperson for the bank, told the broadcaster in story published April 16. CNBC says a source familiar with the company's actions revealed the bank is now targeting customers who allegedly stole amounts below $75,000, and letters were sent to over 1,000 customers demanding they repay funds. The "infinite money glitch" involved depositing fake checks into an ATM and withdrawing the money before the checks bounced. It's a form of check fraud. This scheme became widely known in August after spreading quickly on social media. The core exploit was that the bank's system temporarily made funds from deposited checks available before the bank had time to verify and clear the check. J.P. Morgan Chase has filed new lawsuits in multiple states, including Georgia, New York, Texas and Florida, against individuals accused of exploiting the glitch, per CNBC. The bank previously focused on larger cases in federal court but is now pursuing smaller cases in state courts. Read more: This hedge fund legend warns US stock market will crash a stunning 80% — claims 'Armageddon' is coming. Don't believe him? He earned 4,144% during COVID. Here's 3 ways to protect yourself "On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $73,000," the bank said in a suit filed in Georgia on April 15, according to CNBC. The bank further claimed a series of cash withdrawals at two Chase branches in the state totaling $82,500 had been made before the check bounced after six days. CNBC withheld the defendant's name, but says the lawsuit claims they owe the bank $57,8847.69 and have yet to comply with requests to return the funds. This isn't the first time a financial hack has gained popularity online, and it may not be the last. If there's one lesson here, it's this: taking advantage of a "glitch" doesn't make it legal, and companies will come after you. This case also highlights a broader truth in today's finance world: viral "hacks" that promise fast cash almost always come with strings attached — whether legal, financial or ethical. If something seems like it breaks the rules, it probably does. And if you're ever tempted by a so-called infinite money trick, remember: the banks have lawyers. Lots of them. It's always best to stay on the cautious side. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
NBC News
16-04-2025
- Business
- NBC News
JPMorgan Chase sues more customers who allegedly stole cash in 'infinite money glitch'
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.'
