Michael Zidell, the victim of a $20 million crypto scam, has expanded his legal actions after suing Citibank for failing to recognize suspicious transactions. Recently, he filed lawsuits against two more banks, East West Bank and Cathay Bank, alleging negligence and complicity in the fraudulent activities. Zidell claims to have transferred around $7 million to East West Bank and over $9.7 million to Cathay Bank, after being manipulated by a supposed business owner named Carolyn Parker he met on Facebook. His total engagement involved 43 transfers exceeding $20 million, invested on the suggestion of Parker, who misrepresented the legitimacy of an investment platform. Zidell blames the banks for ignoring obvious red flags, such as the large amounts being transferred, which should have prompted investigations into the accounts. In addition to securities fraud, the lawsuits accuse the banks of helping perpetrate elder abuse, a claim not made against Citibank, though his age is not specified in the lawsuits. Zidell seeks compensatory damages and legal costs through a jury trial.

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