Santander Bank Cleared in $751K Crypto Scam Lawsuit, Court Rules

The April 18, 2025 decision ends a two-year legal battle, with the court finding that Santander had no legal obligation to block or warn against the transactions—even if they appeared risky.

The plaintiff, Lourenco Garcia, had filed suit after transferring funds from his Santander accounts to purchase crypto through Crypto.com and a now-defunct scam platform called CoinEgg.

Customer Authorized All Transfers

Between December 2021 and January 2022, Garcia made two debit card purchases and seven wire transfers totaling $751,000. He later discovered that CoinEgg was fraudulent and attempted to hold Santander responsible for not intervening.

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Garcia’s claims included breach of contract, negligent misrepresentation, and violations of Massachusetts consumer-protection laws. He argued the bank should have flagged or halted the high-value transfers as suspicious.

However, the court noted that Santander’s customer agreement only states the bank may intervene if fraud is suspected—not that it must. Furthermore, Garcia authorized all the transactions himself and did not report any concerns until after his funds were gone.

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