Firm settles elder romance fraud case

SANDUSKY — Murray & Murray successfully settled an elder romance fraud case against financial institutions. This marks "a significant milestone in the fight against financial exploitation of vulnerable individuals," according to a statement from the Sandusky-based firm. The case involved a series of deceptive practices where an unsuspecting elderly client was targeted in a romantic scam, leading to substantial financial losses. The scammer was able to persuade the victim to transfer vast sums of money between financial institutions by withdrawing cash, converting the cash into cryptocurrency and transferring it to the fraudster. Murray & Murray took action on behalf of the victim, initiating legal proceedings against the financial institutions responsible for facilitating and enabling these fraudulent activities. "Through meticulous investigation and advocacy, Dennis Murray, Jr. and Nolan Murray demonstrated the negligence of the financial institutions in preventing and detecting suspicious transactions related to the elder romance scam," the statement read. "The legal team at Murray & Murray worked to secure a just settlement, which includes significant financial restitution for the client," it added. Murray & Murray didn't disclose the settlement amount. "This victory not only brings justice to the victim but also serves as a deterrent for other financial institutions to strengthen their safeguards against fraudulent activities targeting the elderly," the statement read. "Ohio has enacted some of the strongest laws in the country, empowering county adult protective services offices to take swift action on behalf of defrauded seniors. Financial institutions are legally required to contact these offices if they suspect elder fraud or abuse." Dennis, a partner with Murray & Murray, expressed satisfaction with the outcome. "Financial institutions must prioritize the protection of their clients, particularly the elderly, who are often targeted by scammers," Dennis said. "Courts in other states have held that a financial institution's failure to report may be negligence depending on the facts," Dennis said. "I believe Ohio will follow this trend." The statement underscored how "Murray & Murray remains committed to pursuing cases involving elder romance fraud and abuse and fighting for justice and protecting the rights of individuals facing financial exploitation."