Jeffrey Maas, a 77-year-old grandfather from New Jersey, has publicly shared his harrowing experience of losing $390,000 (approximately ₹3.7 crore) to an elaborate refund scam. The retiree, who intended the funds for travel, family support, and grandchildren’s college funds, now hopes his story will prevent others from falling victim to similar schemes.
The Deceptive Norton Antivirus Alert
The scam began on June 5, 2024, when Maas received a fraudulent email purporting to confirm a $691.05 payment for Norton Antivirus identity theft protection. Believing the charge was unauthorized, he called the helpline number provided in the email, which connected him directly to the scammers.
A man identifying himself as "Jason Green" claimed to be a PayPal representative and offered to process a refund. During this process, Maas inadvertently granted the scammer remote access to his computer and shared sensitive banking details, including his bank name and the last four digits of his PNC checking and money market accounts.
Fabricated Deposits and Gold Purchases
The scam escalated when "Green" falsely claimed he had accidentally deposited $300,000 into Maas's bank account. Using the remote access, the scammer displayed a fabricated PNC bank statement to convince Maas of the error. Maas recalled the scammer's solicitous demeanor, stating he claimed he would be fired if his "mistake" was discovered.
A second scammer then joined the call, instructing Maas that the only way to return the "mistakenly deposited" money without incurring IRS penalties was to purchase gold. Following these instructions, Maas visited his local PNC branch in West Orange, New Jersey, and authorized a wire transfer of $300,000 to American Coin and Stamp Co., a precious-metals dealer.
According to a lawsuit later filed by Maas, a bank employee processed the transfer while Maas remained on the phone with the scammer, allegedly failing to question the large sum or the ongoing call. Maas collected the gold coins and, as instructed, handed them over to an individual who arrived in a black Nissan.
A Second Loss and Lingering Doubts
The following day, "Green" contacted Maas again, initially promising a $1,000 reward for his help, which then escalated to $10,000. During this process, the scammer claimed another $100,000 had been accidentally deposited into Maas's account, again displaying a fake bank document as proof.
Believing the story, Maas returned to PNC and withdrew $90,000. His lawsuit alleges that a second banker also failed to question this significant withdrawal, especially after the previous day's $300,000 transfer, and did not alert Maas that the withdrawal would severely deplete his savings. Maas purchased more gold coins and handed them to a person in a green Honda with Pennsylvania license plates, later identified as Jaynesh Patel, who has since been arrested and charged.
It was after this second transaction that Maas began to suspect he had been scammed. After a sleepless night, he contacted the West Orange Police Department, leading to Patel's arrest. Patel has pleaded not guilty, with a court appearance scheduled for July 6, 2026.
Legal Action and Emotional Toll
Maas has filed a civil lawsuit against PNC Bank, American Coin and Stamp Co., and Patel, alleging that neither the bank nor the coin dealer adequately recognized the clear warning signs of manipulation. PNC has filed a motion to dismiss the lawsuit, while American Coin owner Jeffrey Angello denies any wrongdoing.
The financial loss has had a profound emotional and physical impact on Maas. He suffered two stress-induced fainting episodes requiring hospitalization and experienced severe social anxiety. Despite the personal toll, Maas hopes his candid account will serve as a cautionary tale, urging others to be vigilant against sophisticated phishing and financial scams.