A 78-year-old Texas couple lost $20,000 after a caller allegedly posed as a bank employee and warned them about supposed fraud inside their financial institution.
The call did not end with a demand for gift cards, cryptocurrency, or a wire transfer from home. Investigators said the couple was told to go to a real Chase Bank branch in Dallas and make a deposit while staying on the phone with the caller, according to Coconut Creek Talk, which cited a Coconut Creek Police Department arrest affidavit.
The money led detectives more than 1,300 miles away to Coconut Creek, Florida. Police arrested Stephan Kofi Bio, 31, on June 3 after bank records allegedly tied him to the account that received the $20,000.
Bio was charged with an organized scheme to defraud a person 65 or older, the outlet reported. The case remains an allegation, and no conviction has been reported.
Police Say the Caller Claimed the Bank Had Internal Fraud
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The investigation began after the Dallas Police Department forwarded the case to Coconut Creek detectives. According to the affidavit cited by Coconut Creek Talk, the Texas couple received a call from someone claiming to be a bank employee who warned them about internal fraud at their financial institution.
The caller allegedly told them to go to a Chase branch and make what the affidavit described as a “roofing” transaction to determine whether bank tellers were involved in fraud.
Believing they were helping protect their money, the couple withdrew $20,000 from a USAA account and deposited it into a Chase account while remaining on the phone with the caller, according to the report.
Investigators Traced the Deposit to a Florida Account
Detectives said subpoenaed bank records identified the recipient account as belonging to SB94 LLC and listed Bio as the account holder, according to Coconut Creek Talk.
Investigators also said the $20,000 deposit was followed by multiple Zelle transactions to different people. The report said that activity led detectives to suspect there may be additional victims.
Court records cited by the outlet said detectives contacted Bio in April 2025. Investigators said he acknowledged the bank account belonged to him and claimed the money was connected to his music business, but the report said no supporting evidence was provided.
Bio Was Arrested in Coconut Creek
Bio was arrested on June 3 and booked into the Broward County Main Jail, according to Coconut Creek Talk. A separate Coconut Creek crime report listed the arrest as involving grand theft from a victim over age 65.
TAPinto also reported on the case, describing the Texas victim as a bedridden senior whose wife was directed to Chase during the alleged scam.
Police have not said the investigation is limited to one victim. Coconut Creek Talk reported that detectives were looking into possible additional victims after reviewing the movement of money from the account.
Bank Calls Should Be Verified Before Moving Money
The FDIC has warned that scammers impersonate bank employees, fraud departments, and government agencies to pressure people into sharing information or moving money. Chase also warns that scammers can manipulate caller ID, claim there is suspicious account activity, and push customers to act before they verify the call.
A caller who tells someone to stay on the phone while withdrawing or depositing money should be treated as a red flag. Customers can hang up and call the bank through the number on a debit card, credit card, statement, official app, or verified website before moving any money.