This should serve as a reminder to everyone that once you deposit your money in a bank, unless you have put it in a safe deposit box, it's no longer your money. You have effectively made an UNSECURED loan to the bank. If/When said bank goes Belly-Up, the depositors are the LAST people to get paid when the Bankruptcy judge starts divvying up the banks assets amongst its creditors, all of whom have higher standing than a peon depositor.
This case is of course a blatant and obvious fraud, but neatly enough constructed using corporate law that unless they can figure out who stole the money and what he did with it nobody will even see any jail time, besides the fact these folks have been bilked out of their life savings.
A further reminder to stay away from new & tricky financial set-ups in the banking and investment biz. Stick to well established Credit Unions with a history longer than 20 years, preferably 30. Any financial organization set up since the turn of the millenium has a high probability of being a scam.
https://www.cnbc.com/2024/11/22/synapse-bankruptcy-thousands-of-americans-see-their-savings-vanish.html
'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis
RE
‘I have no money’: Thousands of Americans see their savings vanish
Started by RE Nov 24, 2024, 02:35 AM
Message path : / Society / The American economy / ‘I have no money’: Thousands of Americans see their savings vanish
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