East L.A. Elderly Reportedly Being Bilked in Savings ‘Switch’ Scheme

As many as 75 elderly East Los Angeles residents may have been bilked through a “Jamaican Switch” scheme operated by three con artists who persuade their victims to withdraw savings from banks to show how a withdrawal is done, sheriff’s investigators said.

Investigators said they suspect two men and one woman are operating the scam. One of the men was recently photographed by a hidden camera in a Pico Rivera bank after a teller became suspicious.

Detective Sgt. Jack Young said Sunday that investigators do not know how much money has been taken through the scheme or how long the suspects have been operating it, although he estimated that victims are being bilked out of between $500 and $3,000 each. Investigators do not know how many people have been bilked, he said, because many victims probably are too embarrassed to report the crime.

Approached on Street

Young said that the suspects usually approach an elderly person on the street and claim to be from South America and ignorant of the U.S. banking system. They then tell the victims they have money to deposit, but are fearful that they will not be allowed to withdraw the funds once they are deposited.

They then ask the victims to demonstrate how to withdraw money, urging them to take as much money out as possible and put it into an envelope they provide to their victims. Once the money is in the envelope, the suspects then switch it with an identical envelope filled with newspapers cut to the size of bills.

One male suspect is described by investigators as 25 to 30 years old, about 180 pounds with black hair and black-rimmed glasses. The other is said to be in his 30s with brown hair. The woman is described as a “motherly-looking” woman from 40 to 45 years old with black hair.