KEY POINTS
- Thousands of Americans will receive little or nothing from savings accounts that were locked during the collapse of fintech middleman Synapse.
- Customers believed the accounts were backed by the full faith and credit of the U.S. government.
- CNBC spoke to a dozen customers caught in the predicament, people who have lost sums ranging from $7,000 to well over $200,000.
- While there’s not yet a full tally of those left shortchanged, at fintech Yotta alone, 13,725 customers say they are being offered a combined $11.8 million despite putting in $64.9 million in deposits.
Curious why law enforcement wouldn’t be involved in this. Sure smells like a Madoff like thing in the background.
Seems like the sort of thing the SEC might investigate.
Who knows what investigations are going on. They don’t always put out a press release at the start of every investigation.
Maybe. But you’d think the reporter might ask some of the relevant agencies. Or the victims they interviewed might mention it.