Brokers

Dollar Bank Pins Blame On Crypto Broker In $4.3M Scam Suit

By Eric Heisig (July 22, 2022, 5:37 PM EDT) — Dollar Bank said a cryptocurrency platform and broker should shoulder the liability for a $4.3 million scam that is the focus of a lawsuit brought by an elderly customer against the bank, arguing any scheme that took place was facilitated through an account set up with the firm.

If Mary Clayton’s allegations are true, Paxos Trust Co. LLC was also handling her transfers and “owed … Clayton a duty of reasonable care in the protection, handling and security of this substantial amount of money,” the bank said in a third-party joinder complaint against the broker. The firm may have failed to ensure her account was…

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