A lawsuit filed in New Jersey Superior Court accuses PNC Bank and the American Coin and Stamp Company of negligence in a $390,000 elder financial exploitation case involving 76-year-old retiree Jeffrey Maas.
Maas fell victim to a “phantom hacker/courier” scam after receiving a fake email about a Norton Antivirus charge. Impersonating PayPal and PNC representatives, scammers convinced him to wire funds to buy gold coins and hand them to couriers.
The suit alleges PNC ignored red flags: two large, consecutive wire transfers and Maas remaining on the phone with scammers while inside the bank. Similarly, American Coin sold $390,000 in gold over two days without verifying his awareness or intent.
Attorney Steve Cohen of Pollock Cohen LLP stated banks and dealers must act under elder protection laws to prevent such fraud. Defendant Jaynesh Patel, allegedly one of the couriers, has been indicted for conspiracy and theft by deception. The lawsuit seeks full restitution for Maas.