A person familiar with the case said Schwab did reach out to the police after the fraud occurred. Law enforcement officers visited Lawrence Liu only to be told his assets had been transferred for "investment purposes."
A spokesperson for Schwab said, "We sympathize with the Liu family, and we hope the criminals who stole their money are brought to justice. But the allegations in the complaint cross the line from advocacy to outright falsity."
The spokesperson added, "The Liu family authorized every wire that left Schwab, and each wire went to an account that the Liu family controlled."
