HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Americans' life savings d...

Fri May 24, 2019, 08:09 PM

Americans' life savings disappear from Mexican bank accounts

Americans say money they had at Monex is gone and the bank isn’t helping them.

In late December, Kathy Machir called Marcela Zavala Taylor, her banker of nine years at Mexico’s Monex Casa de Bolsa, to get cash for contractors building her retirement home in San Miguel de Allende. Typically, Zavala would wire money or dispatch her assistant, Juan, on his motorcycle with an envelope full of pesos. Monex, with $5.2 billion in assets and operations in the U.S., was woven into the lives of Machir and the 10,000 other Americans who’ve moved to San Miguel de Allende.

The transfer didn’t happen. Juan didn’t show, Zavala didn’t return calls, and Kathy and Jim Machir discovered that their nest egg was gone. When the Machirs and other San Miguel expatriates met with Monex officials in early January, the bankers told some of them that about $40 million was missing from as many as 158 accounts, many belonging to English-speaking Americans. A dozen people interviewed by Bloomberg News say that bank statements Zavala sent them purporting to show full accounts were apparently falsified. Most say the bank has told them little since they filed complaints, and some say Monex tried to settle for far less than the balances owed. “When they told us we had 6 pesos [32¢] in our accounts, I just felt sick to my stomach,” Kathy Machir says. “Since then, they have not dealt with us in good faith.”

The scandal has upended the expatriate community in San Miguel, a city of 69,000 about 500 miles south of McAllen, Texas. Mostly retirees, they have to navigate a society with fewer legal and financial protections than they’d get in the U.S. Fraud is becoming more common, says Kevin Carr, founder of financial technology firm Finiden in Washington, D.C., and formerly the U.S. Department of the Treasury’s primary representative in Mexico. “Mexican authorities try to prosecute these cases but often aren’t successful.” In 2018 there were 7.3 million complaints of fraud involving 18.9 billion pesos, about $1 billion, according to Condusef, Mexico’s consumer protection agency. That’s more than double the number of claims in 2014.

https://www.msn.com/en-us/money/markets/americans-life-savings-disappear-from-mexican-bank-accounts/ar-AABNfHw?li=BBnb7Kz

4 replies, 1143 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 4 replies Author Time Post
Reply Americans' life savings disappear from Mexican bank accounts (Original post)
Yo_Mama_Been_Loggin May 2019 OP
Baitball Blogger May 2019 #1
FakeNoose May 2019 #2
Iliyah May 2019 #4
empedocles May 2019 #3

Response to Yo_Mama_Been_Loggin (Original post)

Fri May 24, 2019, 08:12 PM

1. How awful!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Yo_Mama_Been_Loggin (Original post)

Fri May 24, 2019, 08:20 PM

2. "We're not in Kansas any more, Toto"

Try to find the American ambassador, if there is one.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to FakeNoose (Reply #2)

Fri May 24, 2019, 08:23 PM

4. Republican got the money.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Yo_Mama_Been_Loggin (Original post)

Fri May 24, 2019, 08:22 PM

3. Uh oh

American ambassador would be traitortrump type appointee. Good luck with that.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread