Local man’s bank account bilked for $500K

A Laguna Beach man walked into the police station last Thursday afternoon saying he needed to make a police report. He said B of A had informed him that $500,000 had been withdrawn from his accounts.

The victim told police that he has multiple accounts with B of A. An unknown suspect somehow managed to learn the victim’s personal and banking information well enough to open an additional account in the victim’s name.

Police said the suspect drew funds from the victim’s equity line and had the bank deposit them into one of the real accounts. After a short time, money was then transferred into the false account, which the suspect had opened. Apparently, police said, the suspect pulled off multiple such transfers. Soon after the funds had been transferred, police said, the suspect would go into another branch and make a withdrawal.

The victim did a thorough check of his bank statements and realized that a large amount had been drawn on the equity line, deposited into his existing accounts and then somehow withdrawn. He contacted the bank.

The false account was discovered and the victim learned that some one half million dollars had been bilked from his bank accounts.