San Miguel Banker Takes Millions From Retired Gringos?

It's true. But it won't affect you unless you decide to blindly turn over your money to someone you don't really know. I live here in SMA but only keep my money in good old standard American banks. Including Schwab so I can take pesos out of ATMs when needed without any fees.

I agree!  US Banks & UBS for me.

Exactly. As much as I enjoy living here, I never forget that I'm in another country. Buyer beware. 

Ponzi schemes and the like happen everywhere in the world, but the even more underlying issue here is what follow-up and consequences there will be for those criminally involved.  Things get swept under the rug here all too easily.  If the US does get involved in some way, shape, or form, that will be helpful for the poor folks who lost their money.

Hi to all, here the NBC news report on the subject. https://www.nbcnews.com/news/world/amer … k-n1059666

Some people have received money but no criminal action against the banker as been taken yet.

These kind of events can happen anywere (in Quebec a fraud of 130 million dollars ended with a 13 years sentence for the prime instigator and the over 9000 people that lost money got about 12% back from their lost).

Personally and like "promobabe", I been living fulltime in Mexico since 2017, kept my savings in Canada might be low interest rate but secured savings up to $100000/account/instituion and Government bonds are secured 100%. I use the ATM to get pesos even if there's a fee.

These kind of protection also exist in Mexico but for my part better be safe than sorry.
https://www.gob.mx/ipab , the coverage seems smaller. Finally, there's also the condusef that protects the people who have problems with bank, I know a Mexican person that a problem with a bank (debit/credit cards stolen and banks account to $0) and everything got resolved with no lost to her but had to make a trip or two at the CONDUSEF offices not close to home. https://www.gob.mx/condusef

Adios y buen dia a todos, GyC.