Cathay Bank has urged a federal judge to dismiss allegations that it played a silent role in a $20 million romance-driven NFT scam, insisting it had no knowledge, no duty, and no hand in the alleged fraud.
In its Wednesday filing, the California-based lender said plaintiff Michael B. Zidell — who claimed he was ensnared in a “pig butchering” scheme — cannot tie the bank to the alleged wrongdoing. Cathay Bank argued Zidell was never its customer and therefore the institution owed him nothing under California law.
A Romance Gone Financially Fatal
Zidell’s lawsuit, lodged in July, paints a story of financial seduction. He claims he was lured by Carolyn Parker, a woman he met on Facebook in early 2023 and believed he was building a romantic relationship with. She allegedly steered him toward investing in OpenRarityPro, an NFT enterprise that promised big returns.
Convinced by Parker and reassured by representatives of OpenRarityPro, Zidell transferred $20 million through multiple banks, including Cathay Bank and fellow defendant East West Bank. Then, as if a trapdoor opened beneath him, the OpenRarityPro website disappeared, along with his money.
