CHICAGO, IL – In a significant win for consumer protection and victims of sophisticated financial fraud, The Patterson Law Firm, LLC is proud to announce that attorney James G. Bonebrake successfully represented client Scott Jacobson in a landmark arbitration case against Citibank. This victory resulted in the full recovery of over $121,500 in stolen funds, plus substantial interest, demonstrating our unwavering commitment to fighting for our clients’ rights against large financial institutions.
The Case: When Trust Accounts Are Targeted by Scammers
Scott Jacobson, a dedicated guardian, maintained a crucial trust account with Citibank for the care of his disabled sister. This “rainy day” fund, holding over $150,000, was suddenly compromised in October 2021 when scammers executed three fraudulent wire transfers totaling $121,500 to a bank in Bangkok, Thailand.
Despite the clear fraudulent nature of these transactions, Citibank initially denied responsibility, asserting that their procedures were followed and suggesting Mr. Jacobson’s phone was likely hacked. Critically, the bank failed to preserve vital evidence, including texts and emails related to the suspicious transfers, hindering the investigation.
Patterson Law Firm Fights for What's Right
Recognizing the injustice, Scott Jacobson turned to James G. Bonebrake and The Patterson Law Firm, LLC. Our team meticulously built a case, arguing that Citibank failed to act in a commercially reasonable manner under the Uniform Commercial Code and violated federal pre-transaction disclosure rules. We demonstrated that the bank’s failure to preserve evidence and its general conduct contributed to the client’s significant financial loss.
A Resounding Victory for Consumers
After a rigorous arbitration hearing in February 2024, the arbitrator ruled decisively in favor of Scott Jacobson, awarding him the entire $121,500 in stolen funds and an additional $18,089 in interest for the period he was deprived of his money. Citibank’s subsequent appeal in December 2024 was also defeated, with the appeals panel upholding the original ruling and granting further interest to Mr. Jacobson.
“This case highlights the critical need for banks to prioritize the security of their customers’ funds and to be held accountable when security failures or procedural lapses lead to significant losses,” says James G. Bonebrake, attorney at The Patterson Law Firm, LLC. “We are incredibly proud to have secured justice for Scott and to send a strong message that consumers deserve robust protection against bank fraud and trust account scams.”
Protecting Your Assets: Expertise in Financial Fraud & Consumer Rights
This successful outcome underscores The Patterson Law Firm’s expertise in handling complex financial fraud, banking disputes, and consumer protection cases. If you or a loved one has been a victim of scam-related wire transfers, unauthorized transactions, or trust account fraud, it’s crucial to seek experienced legal counsel immediately.
Our Chicago-based legal team is dedicated to advocating fiercely for those who have suffered financial losses due to negligence or fraudulent activity by financial institutions.
Don’t let scammers or negligent banks get away with your hard-earned money.
Contact The Patterson Law Firm, LLC today for a consultation. Let our proven track record of success work for you.
