American Retirees in Mexico Say Life Savings Vanished From Mexican Bank - NBC4 Washington
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American Retirees in Mexico Say Life Savings Vanished From Mexican Bank

Nine American families told NBC News that they trusted a local banker in San Miguel de Allende only to find millions missing from their accounts

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    This Sept. 6, 2018, file photo shows the Paroquilla de San Miguel Arcangel, the main cathedral of the town of San Miguel de Allende, Mexico.

    Not long after Kathy and Jim Machir retired nine years ago, they left San Diego for San Miguel de Allende, a Mexican town famous for its colonial architecture, bustling art scene, mild climate and low cost of living.

    It has long been a magnet for American retirees, and more than 1,000 U.S. expats now call it home, NBC News reports.

    The Machirs sold their house in the U.S. and used the proceeds to begin building a new house in San Miguel de Allende.

    But their retirement dream turned into a nightmare in December 2018 when they suddenly found themselves unable to pay their contractors.

    Their story may send a chill down the spines of the more than 1 million other U.S. citizens, many of them retirees, who live in Mexico. The life savings they had entrusted to their local banker of more than six years had all but disappeared.