Pollock Cohen Files Lawsuit Against PNC Bank and American Coin Alleging Negligence in Elder Care Financial Exploitation

WEST ORANGE, N.J., March 11, 2026 /PRNewswire/ -- Pollock Cohen LLP announced it filed a civil lawsuit on behalf of a 76-year-old retiree who was conned out of his life savings. The complaint alleges that a sophisticated scam robbed Jeffrey Maas of nearly $400,000 and that critical failures by both a major national bank and a precious metals dealer enabled the financial exploitation.

The complaint details how Maas became the victim of a well-documented fraud known as a "phantom hacker/courier" that disproportionately targets senior citizens. According to the FBI, victims over the age of 60 reported nearly $4.9 billion in fraud losses in 2024 alone.

The complaint alleges that scammers, posing as PayPal and PNC Bank representatives, convinced Maas that large sums of money had been mistakenly deposited into his bank accounts and needed to be returned. Using sophisticated doctored screenshots of his bank account, the scammers convinced Maas to "correct" the supposed error by purchasing gold coins – with funds wired from his bank account – and then handing those coins to couriers who arrived at his home.

The lawsuit alleges that PNC Bank processed two significantly large, highly unusual wire transfers on consecutive days, which totaled nearly all of Mass's savings. These in-person wire transfers were completed without asking basic questions or intervening, despite clear and obvious warning signs of elder financial exploitation taking place in front of the bankers. During the transactions, Maas was visibly on an open phone line with an unknown third party who was directing his actions. Such manipulation is a red flag that federal regulators have identified as one bankers should be alert to.

The complaint further alleges that American Coin & Stamp Company, a New Jersey precious metals dealer, was negligent in selling Maas $390,000 worth of gold over two days without making any inquiry into the circumstances. The lawsuit details the warning signs that American Coin should have paid attention to, including Maas's age, the size and frequency of the purchases, and the open phone line between Maas and the scammers during the transactions.

"These scams do not happen in a vacuum," said Steve Cohen, partner at Pollock Cohen LLP, representing Maas. "They depend on trusted institutions to ignore obvious red flags. Banks and precious metal dealers are legally required to help detect and prevent this kind of elder financial exploitation. Their failure to abide by New Jersey's elder protection laws and the federal government's guidelines enables scams like this. Criminals may be driving these scams, but lazy, negligent companies willing to look the other way make them possible."

Click for the complaint or to read more.

About Pollock Cohen LLP
Pollock Cohen LLP is an impact-driven litigation firm that represents plaintiffs in cases that are both impactful and meaningful, and where a difference can be made. For more information, visit http://www.pollockcohen.com.

Contact:
Steve Cohen
[email protected]
(917) 364-4197

SOURCE Pollock Cohen LLP