New York 80-Year-Old Defrauded of $285,000 Converted to Bitcoin and Stolen; Files Arbitration Claim Against Charles Schwab

DeepFlowTech · 2026-03-20T13:28:42+00:00

An 80-year-old man from New York, George Chryssanthou, fell victim to fraud and lost nearly $285,000. He filed an arbitration claim with FINRA, alleging that Charles Schwab failed to fulfill its supervisory duties, which resulted in funds from his account being transferred to suspicious accounts and converted into cryptocurrency.

DeepFlowTech

2026-03-20 13:28:42

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Deep Tide TechFlow News, on March 20, according to Business Insider, 80-year-old George Chryssanthou from New York was scammed, losing nearly $285,000, and has filed an arbitration claim against Charles Schwab with the Financial Industry Regulatory Authority (FINRA).

On January 17, 2025, scammers impersonated “Microsoft Technical Support” and called Chryssanthou, claiming to fix software issues. They remotely accessed his computer and stated his account was hacked. The scammers then tricked the victim into providing a verification code, and within a few days, transferred funds in batches via wire transfer to an account called “Coinbase Inc” at Cross River Bank in New Jersey, ranging from $18,000 to $90,000, totaling $284,650, which was then converted into cryptocurrency and transferred. The victim only discovered the balance was zero when logging into the account on January 29. After the FBI got involved, they informed the victim that recovering the funds was highly unlikely.

In September 2025, Chryssanthou hired lawyer Adam Gana to file a claim with FINRA, accusing Charles Schwab of failing to supervise, including not verifying or intercepting suspicious wire transfers and accounts.

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