JPMorgan Chase sued ‘endless money’ fraudsters • The Register

JPMorgan Chase has begun suing fraudsters who allegedly stole thousands of dollars from the bank’s ATMs after a check fraud glitch went viral on social media.

The so-called “infinite money glitch” exploded on X and TikTok over the summer, after customers abused a technical issue affecting ATMs across the country that allowed them to deposit fake checks and then withdraw huge sums of money before the checks bounced.

A representative of the largest bank in the USA refused to answer Registerspecific questions, including how many of these fraudulent deposits she received and the total amount of stolen cash she seeks to recover. He did, however, confirm four lawsuits filed in federal courts in Texas, Florida and California.

“Fraud is a crime that affects everyone and undermines trust in the banking system,” said Chase spokesman Drew Pusateri. Register. “We are investigating these cases and actively working with law enforcement to ensure that if anyone commits fraud against Chase and its customers, they are held accountable.”

One of the lawsuits involves a Houston man, Timipa Ikemi, who allegedly owes the bank $290,939.47 after an unknown accomplice deposited a forged check.

“On August 29, 2024, a masked man deposited a check into the defendant’s Chase bank account in the amount of $335,000,” the Texas bank said in a statement. reported from CNBC. “After the check was deposited, the Defendant proceeded to withdraw the vast majority of the ill-gotten funds.”

A second lawsuit was filed against Mickey Reed in the Central District of California, according to Pusateri. And two more were filed in the Southern District of Florida. One names In and Out Appliances LLC and the other Riskboss Musiq LLC as alleged scammers.

The three likely include between $80,000 and $141,000 owed to the bank, according to CNBC. ®