{
Ken Liem

People

}
man sues banks for negligence in million dollar crypto scam
A California resident, Ken Liem, has filed a lawsuit against three Asia-based banks, claiming negligence that allowed him to be defrauded of nearly $1 million in a "pig butchering" crypto scam. The suit alleges the banks failed to conduct necessary checks and ignored clear signs of fraud, violating the U.S. Bank Secrecy Act. Liem seeks at least $3 million in damages, highlighting the banks' inadequate due diligence as a significant factor in the scam's success.
CoinCodeCap
United States Dollar Wells Fargo & Company SGP HKG USA Ken Liem Show more
Regulatory & Legal, News Article
11:48 04.01.2025
california man sues banks over one million dollar crypto fraud loss
A California man, Ken Liem, has filed a lawsuit against Fubon Bank, Chong Hing Bank, and DBS Bank, claiming they facilitated a $1 million cryptocurrency scam by failing to conduct essential compliance checks, including KYC and AML measures. The lawsuit alleges that these banks overlooked suspicious activities linked to accounts that funneled Liem's funds to scammers, potentially violating the US Bank Secrecy Act. This case underscores the growing vulnerabilities in the financial system regarding cross-border crypto fraud and the responsibilities of banks in preventing such scams.
Bitcoinist.com
Chong Hing Bank Ltd. HKG USA Ken Liem
Regulatory & Legal, News Article
09:30 04.01.2025
california man sues banks over one million dollar crypto scam
California resident Ken Liem is suing three Asia-based banks for nearly $1 million, claiming they failed to prevent a pig butchering cryptocurrency scam that began with a LinkedIn investment offer in June 2023. His attorneys allege that funds were transferred to accounts at Fubon Bank, Chong Hing Bank, and DBS Bank, which were then funneled to third-party accounts. Meanwhile, the DeFi market is seeing significant activity, with Solana's price rebounding above $200 and Aave's net deposits reaching a record $33.4 billion.
Cointelegraph
United States Dollar Chong Hing Bank Ltd. SGP HKG USA Ken Liem Show more
Finance & Economy, Market Report
20:00 03.01.2025
california man sues banks over one million dollar crypto fraud scheme
A California man is suing three Asia-based banks for nearly $1 million, alleging they failed to conduct proper checks that could have prevented him from falling victim to a pig butchering crypto-fraud scam. The lawsuit claims the banks, including Fubon Bank, Chong Hing Bank, and DBS Bank, neglected their responsibilities under the US Bank Secrecy Act, allowing scammers to divert funds through their accounts. The plaintiff seeks at least $3 million in damages, asserting that the banks ignored clear signs of fraudulent activity.
Cointelegraph
United States Dollar Wells Fargo & Company SGP HKG USA Ken Liem Show more
Regulatory & Legal, News Article
03:54 03.01.2025
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