Bank of America Settles $2M Scam Lawsuit with Florida Woman

On Wednesday, May 14, 2025, Law360 reported that Bank of America reached a settlement in a lawsuit filed by Lynn Bucklin, a 67-year-old Florida woman who accused the bank of failing to protect her accounts from a social engineering scam that resulted in a $2 million loss. The scam involved a fraudster posing as a Federal Trade Commission (FTC) investigator. Bucklin and Bank of America filed a joint notice of settlement, informing the court that they had reached an agreement and were preparing formal settlement documents.

Bucklin, a resident of Collier County, Florida, filed the lawsuit in 2024, alleging that Bank of America did not take adequate measures to prevent fraudulent wire transfers that depleted her accounts, with the stolen funds converted into cryptocurrency. According to the complaint, Bucklin recovered a portion of her money, but the majority remains unrecovered.

The scam began in February 2022, shortly after the death of Bucklin’s husband. She received a call from an individual claiming to be FTC investigator Bruce Williams, who informed her that her Social Security number had been compromised. Subsequent communications included a photo of an FTC badge, a badge number, and a letter from alleged FTC superiors stating that her bank accounts were at risk and that Williams had been assigned to her case. The scammer, aware that Bucklin was navigating probate for her late husband’s estate, allegedly pressured her to maintain confidentiality, claiming she would breach an agreement if she disclosed the situation.

The fraudster directed Bucklin to transfer funds from her accounts through multiple wire transfers into Binance cryptocurrency accounts opened in her name. The complaint states that Bucklin was instructed to visit a Bank of America branch in Naples, Florida, to initiate the transfers and to act quickly while remaining silent. The transfers took place between February 24 and March 11, 2022. On March 17, Bucklin contacted the FTC and learned she had been scammed. She then reported the incident to Bank of America’s fraud department, which notified the FBI.

According to the lawsuit, several transfers were labeled as “trade-related,” but Bucklin’s bank representative did not question their legitimacy. The scammer also allegedly gained remote access to her computer, enabling manipulation of her accounts and identity theft. The affected accounts included Bucklin’s personal account and one tied to her late husband’s estate. The lawsuit noted that the transactions were highly unusual given Bucklin’s banking history, as she had never initiated a wire transfer prior to the incident.

Bank of America recovered approximately $439,000 of the stolen funds but closed Bucklin’s inquiry without providing an explanation or detailing how the recovered amount was retrieved, according to the suit. Bucklin claims that over $1.5 million remains missing.

Please contact BlockTribune for access to a copy of this filing.