JPMorgan Chase is going after more people who stole funds in what was referred to in TikTok videos as an "infinite money glitch" when "easily traced check fraud" would have been a more accurate term. The bank, which filed four lawsuits last fall against four people and businesses who allegedly stole $660,000 between them, is now suing people accused of stealing amounts below $75,000, CNBC reports. Last August, the bank was scammed after word spread on social media about a glitch that allowed people to deposit bad checks and withdraw the value before the bank processed the check. It's called "check-kiting" and it's illegal, Fortune notes.
An insider tells CNBC that the bank is now pursuing cases in state courts, instead of the federal courts it filed suits in last year. "On August 29, 2024, a masked man deposited a check in Defendant's Chase bank account in the amount of $73,000.00," a lawsuit filed in Georgia on Tuesday states. The lawsuit says the defendant went on to withdraw $82,500 from two Chase branches in the state before the check bounced six days later. The lawsuit says the defendant still owes the bank $57,847.69 and has failed to comply with requests to return the funds.
"We're still investigating cases of fraud and cooperating with law enforcement—and we'll do that for as long as it takes to hold fraudsters accountable," a bank spokesperson says, per the New York Post. According to CNBC's source, the bank is also filing lawsuits in New York, Texas, and Florida. (More JPMorgan Chase stories.)
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