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'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis

submitted by dosvydanya_freedomz to whatever 6 monthsNov 24, 2024 11:08:54 ago (+20/-0)     (www.yahoo.com)

https://www.yahoo.com/finance/news/no-money-thousands-americans-see-223556135.html

For 15 years, former Texas schoolteacher Kayla Morris put every dollar she could save into a home for her growing family.

When she and her husband sold the house last year, they stowed away the proceeds, $282,153.87, in what they thought of as a safe place — an account at the savings startup Yotta held at a real bank.

Morris, like thousands of other customers, was snared in the collapse of a behind-the-scenes fintech firm called Synapse and has been locked out of her account for six months as of November. She held out hope that her money was still secure. Then she learned how much Evolve Bank & Trust, the lender where her funds were supposed to be held, was prepared to return to her.

“We were informed last Monday that Evolve was only going to pay us $500 out of that $280,000,” Morris said during a court hearing last week, her voice wavering. “It’s just devastating.”


18 comments block

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[ - ] uvulectomy 9 points 6 monthsNov 24, 2024 13:37:37 ago (+10/-1)

Evolve and Yotta, and Synapse (the firm behind it all) are not banks, yet they claim FDIC coverage. But the FDIC doesn't cover these not-banks, so in addition to mismanaging funds, they've committed fraud and false advertising.

"One Yotta customer, Zach Jacobs, logged onto Evolve’s website on Nov. 4 to find he was getting back just $128.68 of the $94,468.92 he had deposited — and he decided to act."

Oh? Tell me more.

"The 37-year-old Tampa, Florida-based business owner began organizing with other victims online, creating a board of volunteers for a group called Fight For Our Funds. It’s his hope that they gain attention from press and politicians."

Oh...they just formed a group to whine to big daddy guv about it. That will surely get their money back.

If they want to "take action", they need only realize that those responsible for this mess have names, and they have addresses...

[ - ] jfroybees 1 point 6 monthsNov 24, 2024 16:47:18 ago (+1/-0)

Blood from a turnip. There's nothing to sue for.

[ - ] uvulectomy 1 point 6 monthsNov 24, 2024 18:42:05 ago (+1/-0)

Oh I didn't say sue them. There are other ways.

[ - ] CHIRO 0 points 6 monthsNov 24, 2024 17:47:00 ago (+0/-0)

The way I'm understanding this, Synapse or its affiliates took people's money and invested it in some bank. They were the depositors. How is the bank they used not responsible for figuring out where these funds went? I mean, I don't see how they can just tell these people (even though that seems like what's happening), hey, once that money went into the bank, we lost track of it.

Somebody in this chain should be responsible for knowing where these funds are.

But it looks like they're just going to shrug their shoulders and nod at complexity in order to fuck a bunch of small people.

It just looks like a massive scam, a high-tech bank robbery where these 'fintech' groups take people's money, invest it in a bank that goes belly up and the dollars can never be tracked. Some jew somewhere has the money.

[ - ] jfroybees 0 points 6 monthsNov 24, 2024 17:55:01 ago (+0/-0)

The first step I would take to get my shit back. Researching is one of my fortes.

https://www.sec.gov/about/divisions-offices/division-enforcement

[ - ] uvulectomy 1 point 6 monthsNov 24, 2024 18:43:40 ago (+1/-0)

Amazing how fast they come out with a check when you roll up with the sheriff and a u-haul, as that one BoA branch proved...

[ - ] SilentByAssociation 0 points 6 monthsNov 25, 2024 22:30:25 ago (+0/-0)*

Evolve Bank and Trust is absolutely a bank. I believe they are responsible for disbursing funds in this matter, and they had to accurately (or as accurately as possible) recreate their Synapse ledger consisting of 1,000,000+ transactions. That's only their portion of transactions, and their are a few other banks that Synapse had a business relationship with.

Synapse, on the other hand, was a brokerage. Here's how Evolve breaks it down:

https://www.getevolved.com/synapse-bankruptcy-update/

[ - ] oyveyo 6 points 6 monthsNov 24, 2024 15:02:10 ago (+6/-0)

Don't. Deal. With. Banks.

Bury your money in the yard for fuck sake. Banks are run by jews. That's all you need to know.

[ - ] Doglegwarrior 4 points 6 monthsNov 24, 2024 14:24:07 ago (+4/-0)

Can someone explain?

1. I go in an rob a bank I go to jail for a very long time
2. I am the bank and I steal 1 million times as much ruin many more people's lives and no one goes to jail
3. Why don't the people find out who was truly responsible for a organization that they dedicate to ruining that persons life

For example we the orginzation<<< will be called WTO from now one will find the top 10 people who profited from stealing the money. We will hire private investigators hackers etc and find these 10 people and their family<<< daughters will be targeted and gigilo type guys will be sent to pick them up them film them being fucked in terrible ways these videos will be sent to public events when one of the 10 theives is around to see it. This will go on until all the money is paid back

[ - ] rabidR04CH 3 points 6 monthsNov 24, 2024 11:56:29 ago (+4/-1)

This is why it is smarter to put your savings in an account with a bank that has stood the test of time. It's nice to have "innovative features," but if the institution hasn't existed for long, you don't know whether your money will be safe or spent by some hook-nosed Jew who needs to get his prostitute wife some new jewelry.

[ - ] MaryXmas 2 points 6 monthsNov 24, 2024 15:56:42 ago (+2/-0)

The first of many to come.

[ - ] Prairie 2 points 6 monthsNov 24, 2024 17:28:51 ago (+2/-0)

If you don't hold it, you don't own it.

Be your own bank.

[ - ] Sector2 1 point 6 monthsNov 24, 2024 13:27:08 ago (+1/-0)

https://www.withyotta.com/

How much money would you entrust to "the savings startup Yotta"?

[ - ] Dafurius_Nigario 2 points 6 monthsNov 24, 2024 13:28:40 ago (+2/-0)

0

I would shut them gambling jews down

[ - ] 9000timesempty 1 point 6 monthsNov 24, 2024 17:58:22 ago (+1/-0)

When you sign up for those fake banks, they literally tell you your money is in their hands and belongs to them.

[ - ] RobertJHarsh 1 point 6 monthsNov 24, 2024 19:42:12 ago (+1/-0)

I remember these scammers. I am surprised that many people fell for it.

[ - ] namefagsrgay 0 points 6 monthsNov 24, 2024 13:36:04 ago (+0/-0)

collateral is acceptable

[ - ] RMGoetbbels 0 points 6 monthsNov 25, 2024 00:19:48 ago (+0/-0)

A Synapse contract that customers received after signing up for checking accounts stated that user money was insured by the FDIC for up to $250,000,

I wonder if throwing the people in charge of Synapse, from the CEO down, into a dark hole for 50-60 years would yield some answers?

and then we wouldn't have these problems.