SAN DIEGO (KGTV) — A bill aiming to make sure financial institutions are held accountable for not doing more to prevent scams against seniors is making its way through the California Legislature — and a San Diego family is at the center of it.
ABC 10News morning anchor Melissa Mecija has been following the story of William and Ave Bortz since 2022.
Bortz said it all started with an email that looked like it was from Amazon. It said they purchased around $1,500 worth of products, and that to get their money back, they had to transfer money to what the scammers called the Amazon Refund Recovery Center.
The scammers were able to trick her parents into believing they would lose thousands of dollars if they did not transfer the money to the so-called "recovery center."
“I felt very violated, very violated,” Bortz told ABC 10News in 2022.
His daughter, Ave Williams, said the fake Amazon workers were persistent, calling her parents multiple times daily.
Through multiple wire transfers, the Bortz’s lost their entire life savings of nearly $700,000.
“That's [why] both my daughter and I are so passionate … [so] somebody else won't have to undergo what we've undergone,” Bortz said.
Fast forward to June 2024, where Williams visited Sacramento for the first time, but not as a tourist. Instead, she was there to share her family’s story in an effort to pass SB 278.
“It was never a position I planned on being in my life,” Williams said.
Williams testified in front of an assembly committee, urging the passage of the bill to help hold financial institutions accountable for not doing more to protect seniors from financial elder scams.
“Their bank did nothing to protect my parents from what has officially been declared financial elder abuse by adult protective services. In fact, when we reported it to the bank, their representative blamed my parents for the scam calling them willing participants,” Williams testified.
If passed, the bill would require financial institutions to implement a trusted financial contact program for customers 65 years and older. If financial elder abuse is suspected, a three-day hold would be placed on transactions of more than $5,000. Banks could also face fines or legal liability if rules are not followed.
“Financial elder abuse is horrible, and the rates are skyrocketing, so I feel like awareness is a big part of it,” said Jacquie Serna with the Consumer Attorneys of Califiornia. “We also have to hold institutions more accountable.”
There is major opposition from the banking industry.
“While Senator Dodd has said this is only for the worst of the worst actors, unfortunately, we don’t believe that’s true,” said Jason Lane with the California Bankers Association.
Another speaker against SB 278 said the bill is “going to create some friction.” He worries about overcorrection in the banking industry that could lead to seniors not accessing their funds.
Williams wished there was a delay in releasing her parents’ funds. “It still haunts me,” she said.
Williams’ parents recently celebrated 57 years of marriage, and while ABC 10News interviewed both her mom and dad during the first interview in 2022, that isn’t the case anymore.
“I believe my mom's Alzheimer's was accelerated by the stress and incredible tension caused by this,” Williams said. “The money my parents lost was supposed to take care of everything they needed.”
She said their family’s goal is to continue to push this legislation forward, which is why they keep telling their story despite the pain it causes. “If my telling my parents story helps protect someone—anyone—that is absolutely what is in our heart. That is the good that can come out of my parents’ tragedy,” Williams said.
The Bortz’s sued their bank, Chase, but the lawsuit was dismissed. Representatives from the bank have told ABC 10News they did nothing wrong.
There is another hearing for SB 278 scheduled in August.
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