80-Year-Old Scam Victim Lost $285,000 to Telecom Fraud, Files Lawsuit Against Charles Schwab After Funds Converted to Cryptocurrency

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Gate News reports that on March 20, 80-year-old New York investor George Chryssanthou was targeted by a telecom scam during January 2025, losing approximately $285,000. The scammers impersonated Microsoft technical support, gained remote access to his computer, and persuaded him to make multiple wire transfers to a certain CEX account. The funds were subsequently converted into Bitcoin and transferred. The victim has filed negligence claims against Charles Schwab with the U.S. Financial Industry Regulatory Authority (FINRA), alleging that the brokerage failed to identify and prevent these abnormal high-frequency large transfers. The total amount involved in the scam was $284,650, with individual transfers ranging from $18,000 to $90,000.

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