Tr?id=566623520170033&ev=PageView&noscript=1

Pennsylvania Investor Sues Captrust Over $360,000 Phishing Scam Loss

Posted on March 25th, 2025 at 1:00 PM
Pennsylvania Investor Sues Captrust Over $360,000 Phishing Scam Loss

From the desk of Jim Eccleston at Eccleston Law

A Pennsylvania investor has filed suit against Captrust Financial Advisors, alleging the firm failed to act swiftly in stopping a scam that drained her retirement savings. As reported by Wealth Management, the lawsuit claims that Captrust and its acquired firm, Boston Financial Management (BFM), should have intervened sooner to prevent the loss of more than $360,000.

The phishing scam started with a fraudulent PayPal email alerting the investor to an unauthorized $599 charge. When she called the number provided in the email, she unknowingly gave scammers access to her computer and banking accounts.

The fraudsters proceeded to compromise the investor’s Chase checking accounts, which had payment instructions allowing transfers from her Fidelity IRA accounts. This access enabled the scammers to move funds from her retirement accounts into her Chase accounts before withdrawing them.

Over the following weeks, the scammers systematically transferred $368,400 from under the guise of reversing fraudulent transactions.

According to Wealth Management, the lawsuit claims that the advisor and her firm identified irregular activity in the accounts but failed to act decisively. The advisor, for example, texted the investor to inquire whether she was the one accessing her accounts. The investor, unaware of the scam, did not recognize any fraudulent activity.

The advisor continued reaching out, including after a $99,000 transfer. However, Wealth Management reports that, due to confusion, the investor misunderstood the advisor’s inquiries, believing they were about deposits rather than withdrawals. The complaint argues that the advisor and her firm should have realized that the investor was unaware of the fraud and taken earlier action to stop the unauthorized transfers. The firm ultimately froze the accounts.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

1782320106 Law
June 24, 2026
FINRA Suspends Former Broker Over Undisclosed Business Activities, Annuity Recommendation, and Customer Data Violations

The Financial Industry Regulatory Authority (FINRA) has suspended former registered representative Clayton K.

1782226532 Law
June 23, 2026
NASAA Advances Investment Adviser Advertising Reforms and Franchise Broker Registration Framework

The North American Securities Administrators Association (NASAA) has approved significant regulatory initiatives aimed at modernizing oversight of investment advisers and strengthening protections for individuals considering franchise investments.

1782150000 Law
June 22, 2026
Illinois Regulators Accuse "Mr. Finance" of Operating Unlicensed Investment Scheme

Illinois securities regulators have accused a Chicago-area businessman known as "Mr.