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Protect Yourself: Wire Transfer Fraud Warnings Do Not Protect Real Estate Agent
Real Estate Agents Beware!
This message is to inform you about a recent legal case that highlights the importance of vigilance against wire transfer fraud in real estate transactions. Here’s the key takeaway:
- Having buyers sign a wire transfer fraud warning does not automatically shield you from liability if fraud occurs.
Key Facts from the recent Case in the Nashville area:
Court ruling: The court dismissed some claims but allowed the claims against the real estate agent and broker to proceed.
Wire transfer fraud: The Buyer was the victim of a wire transfer fraud scheme.
Hacked email accounts: The fraudster intercepted emails between the Buyers, their real estate agent, and the title company.
Impersonation: The fraudster pretended to be various real estate professionals.
Confusing instructions: The Buyer received two sets of wiring instructions, one genuine and one fraudulent.
Bank error: A bank employee wired the money to the fraudster’s account despite warnings and verification efforts.
Financial loss: The Buyers lost almost $450,000 and had to refinance their home.
Lawsuit: The Buyer sued the bank, real estate agent, and broker.
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