A Bay Area woman, Lois Powell, was scammed out of $50,000 after being convinced to deposit funds into a Coinstar machine at a nearby Safeway. The scammer told her that her grandson was in jail and needed money for bail, attorney's fees, and court costs. However, the victim soon realized she had been duped.
Powell credits investigative reporter Melanie Woodrow with 7 On Your Side for helping to bring justice to her case. According to DFPI (Department of Financial Protection and Innovation) officials, Coinme, a crypto kiosk operator, was found guilty of violating transaction limits and failing to provide necessary disclosures on customer receipts.
The agency has fined Coinme $300,000, which includes more than $51,000 in restitution to California residents. As a result of the enforcement action, Powell received her stolen money back.
California Senator Monique Limon said that the new crypto asset law does not make exceptions based on how many accounts the customer may use to transact. Coinme's actions were deemed unacceptable by authorities.
Consumer Federation of California executive director Robert Herrell stated that the legislation sends a strong message: "Breaking this law in California is not acceptable and there will be repercussions."
The incident highlights the importance of companies adhering to regulations and protecting consumers from exploitation. The DFPI emphasizes that they do not tolerate companies breaking the law and putting people's money at risk.
In response to Powell, 7 On Your Side reported that "Your story about Lois touched us all..." The agency expressed gratitude for the work done on Powell's case, which ultimately led to her receiving her stolen funds back.
Powell credits investigative reporter Melanie Woodrow with 7 On Your Side for helping to bring justice to her case. According to DFPI (Department of Financial Protection and Innovation) officials, Coinme, a crypto kiosk operator, was found guilty of violating transaction limits and failing to provide necessary disclosures on customer receipts.
The agency has fined Coinme $300,000, which includes more than $51,000 in restitution to California residents. As a result of the enforcement action, Powell received her stolen money back.
California Senator Monique Limon said that the new crypto asset law does not make exceptions based on how many accounts the customer may use to transact. Coinme's actions were deemed unacceptable by authorities.
Consumer Federation of California executive director Robert Herrell stated that the legislation sends a strong message: "Breaking this law in California is not acceptable and there will be repercussions."
The incident highlights the importance of companies adhering to regulations and protecting consumers from exploitation. The DFPI emphasizes that they do not tolerate companies breaking the law and putting people's money at risk.
In response to Powell, 7 On Your Side reported that "Your story about Lois touched us all..." The agency expressed gratitude for the work done on Powell's case, which ultimately led to her receiving her stolen funds back.
oh my gosh this is just disgusting how someone can scam some poor woman like that and think they can get away with it? 
I mean I'm so glad Lois got her money back but what about the emotional toll of being scammed in the first place? It's not just about the cash, it's about feeling like you've been taken advantage of. 
And on top of that, the company is getting a slap on the wrist with a $300k fine 
I wish they'd done more to prevent this from happening in the first place... what kind of safeguards should crypto companies have in place to protect consumers? 
oh man this is such a classic scam! I mean i feel so bad for lois powell she got ripped off big time $50k 
. glad that the dfpi stepped in and brought those responsible to justice 
, now let this be a lesson to anyone thinking of trying something like this... 300k fine is no joke 
like what if ur grandkid really was in jail tho? 
anyway, glad Lois got her money back & that the authorities took action against Coinme 
gotta give a shoutout to investigative reporter Melanie Woodrow 4 helping bring justice to Lois's case 
. it makes you wonder what other ways these scammers are exploiting people's vulnerabilities. and on the other hand, kudos to investigative reporter melanie woodrow and the dfpi for stepping in and bringing justice to powell's case 
. the real lesson here is that with great power comes great responsibility 
. companies like coinme have to be held to a higher standard, and it's up to all of us to look out for each other 
anyway she credits investigative reporter melanie woodrow 4 helpin bring justice to her case. so it turns out the company coinme got busted 4 violating transaction limits n not providin clear disclosures on customer receipts. dey got fined $300k which includes $51k in restitution 2 california residents 
. The fine is a good start, but we need more regulations in place to prevent stuff like this from happening again 
just read that a Bay Area woman was scammed out of $50k 
. can't believe the company behind the coinstar machine got fined $300k 
. thanks to the journalist who helped Lois get her money back though 
. Thanks for keeping us informed 7 On Your Side! 
! I'm so glad that Lois got her money back 
.