This is sad. But was it predictable?
American retirees in Mexico say their life savings vanished from a Mexican bank. Excerpt:
The Machirs sold their house in the U.S. and used the proceeds to begin building a new house in San Miguel de Allende. But their retirement dream turned into a nightmare in December 2018 when they suddenly found themselves unable to pay their contractors.
Their story may send a chill down the spines of the more than 1 million other U.S. citizens, many of them retirees, who live in Mexico. The life savings they had entrusted to their local banker of more than six years had all but disappeared. ...
NBC News spoke to nine American families who say Marcela Zavala Taylor, a former banker with Grupo Financiero Monex, had gained their trust only to disappear after they discovered money had gone missing from their personal accounts. These families, whose estimated losses total more than $7 million dollars, all say they were blindsided by what had happened.
Well, it's Mexico. No FDIC insurance there. And there was this:
Several of the people NBC News spoke to say getting their money back from Monex has been an uphill battle, especially when it comes to getting refunded for 100 percent of the amount they say was initially in their accounts.
Wells Fargo should open a bank in Mexico. Oh wait. Never mind.
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1:56 PM 9/29/2019
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