The family of a 90-year-old man is suing his bank for alleged gross negligence and breach of fiduciary duty after the bank failed to prevent and reimburse a $100,000 theft from his account.
A former teller at Oriental Bank, Jahmaira Farrell, has been arrested and is accused of using her position at the bank to drain St. Croix resident Lennox Cato’s account.
The Virgin Islands Police Department says Farrell forged the Cato’s signature to close a certificate of deposit and then issued a $100,000 manager’s check to an accomplice.
The victim’s niece, Roxanne Richards, who holds power of attorney over her uncle, Lennox Cato, is now suing Oriental Bank, alleging gross negligence, breach of fiduciary duty, breach of contract and failure to honor its own internal safeguards designed to protect vulnerable clients.
Says Richards,
“It was betrayal in its purest form. This wasn’t just money. This was his stability, his security and his peace of mind.”
The lawsuit highlights the bank’s “Financial Exploitation Protocol,” which aims to protect elderly and dependent clients from financial abuse.
Says Richards’ attorney Jacob Gower,
“It’s about accountability. It’s about ensuring that banks don’t turn a blind eye to fraud, especially when they’ve made public promises to protect people like Mr. Cato.”
Farrell is now facing several financial crime charges, including obtaining money by false pretense, forgery, grand larceny, aggravated identity theft, conspiracy and financial exploitation of an elderly or dependent adult. Bail was set at $35,000.
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