EDITOR NOTE: While digitizing all of your money comes with general and systemic risk, there’s also lots of individual risk to holding physical cash, especially if all of it’s being transported in one bag (or the proverbial “all eggs in one basket”). This guy lost $200k of his life savings. Let it be a lesson to everyone. Don’t put everything in a single bag, a single asset class, a single form of currency. Diversify--especially when storing or transporting it. Otherwise, a single event can take everything away from you, like it did to this victim.
HUNTINGTON PARK, California -- Authorities are searching for the suspect who attacked and robbed a man of $200,000 at a bank parking lot in the Los Angeles area last week.
Francisco Cornejo was beaten and is still bruised after getting his life savings ripped away. After withdrawing money from a Chase Bank, he was attacked.
Through his attorney, he said the suspect got away with hundreds of thousands of dollars.
"He was parked as closely as possible to the bank, knowing he was going to withdraw a large amount of cash. As soon as he got to his car, before he was able to get to his car, he was grabbed and beaten," attorney Nathan Soleimani said.
Cornejo said after the sale of his home, he withdrew everything out of his bank - all $200,000.
"He was literally fighting for his life savings," Soleimani said. "And when he was being beaten, he was doing his best to try and retain the bag that he brought with him."
Soleimani said investigators are looking into surveillance video from the bank. Video shows the suspect running away from the scene and Cornejo on the ground.
A representative from the Chase Bank branch also says they're working with law enforcement.
The FBI is now involved in the search for the suspect.
"Thank God he's alive. His family is grateful he got out of it with just the injuries that he has," Soleimani said. "At the end of the day, they're thankful for him being here."
Originally posted on 6ABC