Negligence Lawsuit Brought Against Navy Federal Credit Union, Wells Fargo After $3.6 Million of Elderly Veteran's Savings Allegedly Sent to Scam Artists

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Apr 25, 2023, 09:00 ET

ALEXANDRIA, Va., April 25, 2023 /PRNewswire/ -- A Washington state woman's $3.6 million negligence lawsuit against Wells Fargo and Navy Federal Credit Union moves forward in the U.S. District Court for the Eastern District of Virginia as a federal judge reviews pre-trial motions and submissions in the case, which concerns alleged fraudulent wire transactions. Janine Satterfield filed the lawsuit on behalf of her late uncle, Larry Cook of Herndon, Virginia. Satterfield is also urging lawmakers and regulators to close loopholes around wire fraud and protect seniors from being victimized.

The legal complaint alleges Navy Federal Credit Union sent $3.6 million in 74 wire transfers to a foreign bank -- despite being notified that Cook was the suspected victim of a fraudulent scheme and in need of adult protective services.

"Uncle Larry was a retired, decorated veteran who served his country well as a U.S. Navy nuclear submarine commander," said Satterfield, the administrator of her uncle's estate. "Not one wire transfer should've gone to a foreign bank. Not one. Not one single penny."

Cook served in the U.S. Navy for nearly a quarter of a century, retiring as a commander in 1992. After suffering a stroke, Cook fell victim to an elaborate phishing scam in October 2020 and began wiring large sums of money to a foreign bank.

Satterfield's complaint alleges that Cook's unusual banking behavior should have raised alarms at Navy Federal, which alerted its customers to the same predatory scam in December 2020.

According to the complaint, Navy Federal processed 74 wire transfers for Cook in the final months of his life, including 42 transfers totaling $2.3 million after Navy Federal reported Cook's behavior to adult protective services in December 2020 and transfers for several months after adult protective services notified Navy Federal in January 2021 that Cook needed protective services.

Wells Fargo and Navy Federal Credit Union have filed motions to dismiss the lawsuit.

"We as a community need to do more to protect the elderly, especially those who are incapacitated," said Kimberley Ann Murphy, Satterfield's attorney and partner at Hale Ball Murphy, PLC.

Each year, millions of elderly Americans fall victim to financial fraud and collectively lose more than $3 billion. Older adults who have less social support or neurodegenerative illnesses are particularly vulnerable to elder financial abuse and fraud. The potential for exploitation is rapidly growing -- the number of U.S. adults ages 65 or older is projected to surpass 85 million by 2050.

"I believe what happened to my uncle was preventable," said Satterfield.

MEDIA CONTACT:
Cooper Rumrill
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SOURCE Larry W. Cook Estate