90-year-old man scammed out of $814K life savings — Wells Fargo denies claim. Why you must always flag big withdrawals

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At 90, with impaired hearing, limited mobility and early-stage dementia, the Southern California man had no reason to think his $814,000 in savings at Wells Fargo was at risk.It was.Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAPMost Americans earn a dismal 0.39% APY on their cash at big banks. Unlock up to 4.05% APY and pay $0 in account fees instead with a Wealthfront Cash AccountStarting last April, someone began forging Rosenberg's signature on checks and draining his savings account. He'd never written a single check from it. The withdrawals came fast — many over just a few weeks — and added up to $814,000 (1).Rosenberg didn't catch it. Given his health, he wasn't in a position to. "I was angry and frustrated," he told ABC7 Los Angeles. "It took all my life savings … I was hurt."When Rosenberg realized what had happened, he called Wells Fargo looking for help. The bank opened an investigation, but offered little reassurance. "An investigation could go forever," he said. "That's what they told me."Then came a letter: Wells Fargo was denying his fraud claim. Too much time had passed before he'd contacted the bank. The bank's deposit agreement gives customers 60 days to report unauthorized transactions. Rosenberg, dealing with dementia, skin cancer, and near-total hearing loss, had missed it.His nephew David Satin, who had stepped in to help manage Rosenberg's affairs, was stunned — especially after looking at the cashed checks. "If you look at all the checks that were written, none of them even have close to his signature, not even remotely close," Satin told ABC7.Satin pushed back with the bank directly. "I said, 'Wait a second. He's 90. He's got a little bit of dementia. He can't hear. He can barely walk. He's got skin cancer. He's not noticing these kinds of things, and you guys have no help at all for him.'"He also questioned why such massive withdrawals — many clustered in a matter of weeks — were never flagged by Wells Fargo's fraud systems in the first place. But he wasn't getting anywhere. The bank simply wasn't responding.With nowhere left to turn, Satin contacted ABC7's consumer advocacy team, 7 On Your Side, and asked for help.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,908.50 +4.75 (+0.07%)Dow Futures49,217.00 -19.00 (-0.04%)Nasdaq Futures25,069.50 +40.75 (+0.16%)Russell 2000 Futures2,656.20 +1.20 (+0.05%)VIX19.55 -1.46 (-6.95%)Gold5,201.90 +25.60 (+0.49%)Trending tickersBTC-USD Bitcoin USD 65,582.74 +1,926.80 (+3.03%)AMD Advanced Micro Devices, Inc. 213.84 +17.24 (+8.77%)WDAY Workday, Inc. 130.23 +1.02 (+0.79%)MELI MercadoLibre, Inc. 1,922.56 +58.10 (+3.12%)ZETA Zeta Global Holdings Corp. 16.98 +2.00 (+13.35%)PortfolioSign in to access your portfolioSign inTop gainersKEYS Keysight Technologies, Inc. 301.48 +56.48 (+23.05%)IBRX ImmunityBio, Inc. 11.55 +1.72 (+17.50%)UCTT Ultra Clean Holdings, Inc. 71.96 +10.55 (+17.18%)DRS Leonardo DRS, Inc. 43.82 +5.68 (+14.89%)BEAM Beam Therapeutics Inc. 32.29 +3.96 (+13.98%)Top losersCECO CECO Environmental Corp. 60.00 -17.68 (-22.76%)XMTR Xometry, Inc. 44.44 -12.71 (-22.24%)WHR Whirlpool Corporation 71.67 -11.54 (-13.87%)AWI Armstrong World Industries, Inc. 174.30 -18.53 (-9.61%)PLNT Planet Fitness, Inc. 82.61 -8.14 (-8.97%)Most activeNVDA NVIDIA Corporation 192.85 +1.30 (+0.68%)INTC Intel Corporation 46.12 +2.49 (+5.71%)PLUG Plug Power Inc. 1.9100 +0.0700 (+3.80%)IBRX ImmunityBio, Inc. 11.55 +1.72 (+17.50%)AMD Advanced Micro Devices, Inc. 213.84 +17.24 (+8.77%)Top economic eventsEarnings eventsMy earnings eventsEarnings events