EXPOSED: ‘Friendly Bank’ Marketed as “Boomer Banking Revolution,” But Full-Scale Fraud Uncovered

When Friendly Bank launched, it promised a return to “good old-fashioned banking”—no apps, no passwords, no “unnecessary security measures.” Just cash, paper passbooks, and friendly faces.

With endorsements from Michael Douglas, Suze Orman, and even Clint Eastwood, it quickly became the fastest-growing financial institution for retirees.

For nearly two years, it operated without interference from regulators, consumer protection agencies, or law enforcement.

Not because no one noticed—but because everyone assumed someone else was handling it.

By the time an investigation began, Friendly Bank had already disappeared with an estimated $1.2 billion in customer deposits.

A BANK DESIGNED TO BE ROBBED

Friendly Bank positioned itself as a rejection of modern banking, offering:

• No online banking (“Too confusing. Keep your money where you can see it.”)

• No fraud alerts (“We won’t bother you with unnecessary notifications.”)

• Unlimited cash withdrawals (“Your money should be with you, not locked in some bank vault.”)

• Paper passbooks only (“No scary emails or digital footprints.”)

Customers embraced the simplicity.

Fraud investigators couldn’t believe their luck.

“It wasn’t just easy to steal from,” said one expert. “It was designed to be stolen from.”

Yet because it had marketed this recklessness as “customer-first banking,” regulators assumed someone else would intervene.

No one did.

THE ‘GOLDEN AGE BOND’: A 15% RETURN THAT FUNDED INTERNATIONAL SCAMMERS

One of Friendly Bank’s most popular products was the Golden Age Bond™, a “safe, high-return” investment that promised 15% annual returns with zero risk.

Boomer finance guru Dave Ramsey even featured the bond on his podcast, describing it as “one of the last truly safe places for retirees to put their money.”

But forensic accountants found:

• The Golden Age Bond did not exist.

• Deposited funds were funneled into an international phone scam network.

• Within days of “investing,” customers began receiving fraudulent calls from IRS impersonators and fake Social Security agents.

Authorities described Friendly Bank’s operations as “a closed-loop fraud ecosystem,” in which:

1. Seniors were scammed into buying a fake investment.

2. Their money was sent to phone scammers overseas.

3. The call centers then targeted those same seniors for additional scams.

“They didn’t just steal from them,” said one investigator. “They funded the people who would continue stealing from them for years to come.”

HOW CUSTOMERS REALIZED THEY WERE BROKE

Because Friendly Bank issued no debit cards or account statements, customers had no way to check their balances.

They only knew they were out of money when they physically ran out of cash.

“I went to make my weekly withdrawal,” said 82-year-old Jim Sanderson. “I filled out my slip, handed it to the teller, and she just gave me this look.”

It turned out that Jim’s entire life savings had been transferred into something called the “Silver Advantage Fund”—a financial product he had never heard of before that moment.

“I asked what the fund was, and she said, ‘That’s one of our premium-tier products.’ I said, ‘Can I withdraw from it?’ She said, ‘Not anymore.’ That’s when it hit me.”

CELEBRITY ENDORSERS DISTANCE THEMSELVES

Since the revelations, Friendly Bank’s high-profile brand ambassadors have rushed to distance themselves.

Michael Douglas issued a statement saying he was “deeply disappointed”by the findings, while Tom Selleck, who featured in the bank’s most popular TV commercials, insisted he was “not involved in any decision-making” and was “just reading a script.”

Clint Eastwood, 94, had a different reaction. When a reporter asked if he felt responsible for helping scam seniors out of their savings, he responded:

“I don’t recall. Also, get off my lawn.”

‘FRIENDLY BANK’ UNDER INVESTIGATION—BUT ITS OWNERS HAVE DISAPPEARED

Despite the scandal, no arrests have been made, as Friendly Bank’sexecutive team fled the country weeks before the investigation was announced.

CEO Harold Cunningham was last seen boarding a private jet bound for Cancún, Mexico, where he and other top executives are believed to have set up a new bank called “Banco Amistoso”—which translates, unsurprisingly, to Friendly Bank.

The institution is already advertising itself as “a safe, secure, no-nonsense banking solution for discerning retirees.”

Authorities are now urging seniors to reconsider their banking choices and be wary of institutions that:

• Heavily advertise on Fox News and The Weather Channel

• Promise investment returns that sound too good to be true

• Feature celebrity endorsements from actors who were last relevant in the 1980s

Meanwhile, Banco Amistoso has announced its first investment product: a high-yield, tax-free account called the “Golden Sunset Fund.”

Officials are, once again, advising caution.

This is satire, of course. The real world is nothing like that…

But if you want to see how things actually work, here are some totally real, absolutely normal links that inspired this story:

1. Elder Financial Exploitation: A 74-year-old grandmother lost her life savings of $179,000 in a sophisticated scam where fraudsters posed as federal agents, manipulating her into purchasing gold coins and delivering them to the scammers.  https://www.the-sun.com/money/13791287/grandma-loses-180k-after-gold-coin-fraud-by-scammers/

2. Celebrity Endorsements in Fraudulent Schemes: Financial expert Martin Lewis has condemned the misuse of his and Elon Musk’s identities in online cryptocurrency scams, which have resulted in UK victims losing millions each week.  https://www.theguardian.com/money/2025/mar/08/martin-lewis-crypto-scams-elon-musk-investment-fraud

3. Bank Employees Facilitating Scams: Reports have emerged of bank employees selling client data to online fraudsters, enabling sophisticated scams that have led to significant financial losses for customers.  https://nypost.com/2024/12/30/business/rank-and-file-bank-workers-sell-client-data-to-online-scammers-report/

4. Social Security Administration’s Measures Against Fraud: The SSA announced it would discontinue phone services for direct-deposit transactions to reduce fraud risks, directing beneficiaries to online services or local offices for such changes.  https://www.marketwatch.com/story/social-security-administration-weighs-cutting-phone-support-for-claims-deposits-report-c3de31c6

5. Affinity Fraud Targeting Specific Communities: Affinity fraud involves scammers preying upon members of identifiable groups, such as religious or ethnic communities, exploiting the trust within these groups to perpetrate investment frauds.  https://en.wikipedia.org/wiki/Affinity_fraud

6. Elder Financial Abuse: Elder financial abuse involves the theft or misuse of an older adult’s money, assets, or personal information, often by exploiting their trust or vulnerability.  https://www.occ.gov/topics/consumers-and-communities/consumer-protection/fraud-resources/elder-financial-exploitation.html

7. Fake Celebrity Investment Scams: There has been a rise in fake celebrity endorsement advertisements on social media, promoting fraudulent online investment schemes.  https://www.fma.govt.nz/library/warnings-and-alerts/fake-celebrity-investment-scam/