7 On Your Side helps retirees recover $106k investment fund
SANDS POINT, New York (WABC) -- A Long Island couple spent years trying to recoup over $100,000 worth of stocks and mutual funds stolen out of their online investment account.
When their remaining funds were suddenly frozen, they turned to 7 On Your Side.
In July 2023, retirees Roberta and Jay Fox discovered that someone had gained unauthorized access to Jay's E-Trade retirement account.
"How did you realize the money was gone? Just one day you checked it?" asked Nina Pineda.
"A statement came and went $126,000 to $20,000." Roberta Fox said.
The cybercriminal executed a series of eight withdrawals - some just under $5,000 to avoid detection, and two others for more than $30,000.
In total, the thieves stole approximately $106,000 in stocks and mutual funds.
The couple told Nina Pineda that they had no idea how the hackers got into their account.
After two years of trying to get the funds restored, the couple's account was frozen. Roberta Fox told Pineda that she had hope, but felt like she was at a standstill.
"I was never thinking it was just gone. We were in an ongoing process," Fox said.
Nothing was happening.
"It was, 'with legal," Fox said.
Roberta and Jay Fox are both retired lawyers, so a legal battle was nothing they couldn't handle. Fox showed Pineda multiple affidavits that the couple filled out to contest the unauthorized transactions.
That's when the attorney couple filed a motion for 7 On Your Side to take their case.
"I Googled you, and I filled out the form, and I thought, Oh, this one, nothing will ever happen with this. And then I got a phone call," Fox told Pineda.
7 On Your Side pleaded their case with E-Trade and their parent company, Morgan Stanley.
Within five days, the $106,000 was restored to the Foxes in full - case closed.
Morgan Stanley responded with a statement:
"The Firm takes the protection of clients' assets very seriously and putting clients first is one of our core values. In this instance, an individual unaffiliated with Morgan Stanley unfortunately defrauded the Foxes. We worked with the family to fully reimburse these stolen funds."
Fox told Pineda that she was grateful that 7 On Your Side was able to end the stalemate between her and her funds.
"Thank you. You've made a tremendous difference in our lives. We are retired, and we need those funds to live on. So, thank you!" she said.
For more information see Morgan Stanley's security tips here: https://us.etrade.com/l/f/agreement-library/security-statement
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