TikTok Check fraudsters sued by JPMorgan Chase

“Fraud is a crime”

While some alleged perpetrators apparently believed they were simply exploiting a glitch in the system, JPMorgan, unsurprisingly, sees things very differently.

“Fraud is a crime that affects everyone and undermines confidence in the banking system.” – Drew Pusateri, JPMorgan Chase

Four lawsuits were filed in federal courts in Houston, Los Angeles and Miami. Reuters reportsin which two natural persons and two companies were named as defendants.

Damages totaling $661,000 are sought on the basis that the defendants breached the deposit agreements and that the checks should be deemed to be forged or counterfeit.

The largest amount of money JPMorgan says was held illegally was in Houston, where the bank says an alleged fraudster owes $290,939.47. He withdrew the cash within two days after a masked person deposited a check for $335,000.