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(Opposing Views)   Is this millionaire suing Bank of America for a.) overcharging him on monthly fees, b.) transferring his money to the wrong account or c.) allowing him to give out more than $800,000 in gifts to a couple of strangers?   (opposingviews.com) divider line 35
    More: Strange, Bank of America, New York Presbyterian Hospital, Bellevue Hospital, classical conditions, gifts, Jeffrey Horan  
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4252 clicks; posted to Main » on 30 May 2013 at 10:08 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-30 10:11:12 AM
"A plague o' both your houses!" -- W. S.
 
2013-05-30 10:11:14 AM
So now the banks have to determine if you are sane or not?
 
2013-05-30 10:11:45 AM
Horan first started feeling altruistic when he paid Alexander Gershowitz $600,000 for construction work on his apartment. Thinking that wasn't enough to show his gratitude, he then bought Gershowitz the Lamborghini.

Horan later met Elizabeth Ortiz of Queens, and gave her the Mercedes. She also received a $300,000 money transfer from him.

All of this spending raised no red flags with the bank.


On the one hand, that really should have raised some red flags. On the other, those were legit transactions, they're your bank, not your babysitter.
 
2013-05-30 10:14:25 AM
ringling.feldcdn.com
 
2013-05-30 10:15:57 AM
"We noticed suspicious activity on your account. Can you confirm a $300,000 wire transfer?"

"Yes."

"Why?"

"None of your farking business!"

"I'm sorry, sir, that's not sufficient. We are freezing your account."

"You can't d..."

*click*
 
2013-05-30 10:19:15 AM
If the bank doesn't "make it right" they'll lose him as a customer. Do they make enough off of his money to eat the money he is asking for?
 
2013-05-30 10:25:49 AM
Sad. He shouldn't have paid very much in fees for a couple of bank to bank wires, but he'll pay a lot to his lawyers to lose this silly law suit unless there is a lot more to it than they should have noticed suspicious activity.
 
2013-05-30 10:29:36 AM
Rich people problems.
 
2013-05-30 10:56:55 AM
Trusts people. Learn them,know them, love them.
 
2013-05-30 11:08:07 AM
After becoming inexplicably generous, did the millionaire write new Rules Of Acquisition?
 
2013-05-30 11:09:13 AM

RubberBabyBuggyBumpers: If the bank doesn't "make it right" they'll lose him as a customer. Do they make enough off of his money to eat the money he is asking for?


FTFA: Bank of America collected "large sums of money for fees" as Horan emptied his accounts with the gifts.

I doubt it.
 
2013-05-30 11:13:02 AM
He made a bad deal with a genie. Made him rich but also a complete fraking moron.
 
2013-05-30 11:21:18 AM
Who are these people who accepted the gifts?

Seriously, someone unexpectedly gives you a supercar, and almost half a million bucks, and you just take it?
 
2013-05-30 11:35:07 AM
MBNA (before becoming BoA) and my CU would call me for "out of pattern" transactions.
Once I took a cash advance from a bank to put money down on a war, the bank called me on the Monday.

Another time someone got my CC # and started charging internet purchases outside of my normal interest.
Bank called me same day, negated charges, closed the card # and sent me new cards next day.

NOW... BoA owns MBNA customer pool and I had a credit of $1.43 due to how they processed their billing and my payments. They SCOOPED the money. No one could tell me the policy that allowed them to steal my $1.43.
 
2013-05-30 11:37:16 AM

BHShaman: Once I took a cash advance from a bank to put money down on a war, the bank called me on the Monday.


Who'd you declare war on?
 
2013-05-30 11:48:22 AM
Did these people pay taxes on those gifts?

That's what I wanna know.

I guess I also wanna know how a crazy fark got rich to begin with... but something tells me it's old money.
 
2013-05-30 11:58:49 AM

tripleseven: Who are these people who accepted the gifts?

Seriously, someone unexpectedly gives you a supercar, and almost half a million bucks, and you just take it?


Uh, yes?
 
2013-05-30 12:00:09 PM

BHShaman: MBNA (before becoming BoA) and my CU would call me for "out of pattern" transactions.
Once I took a cash advance from a bank to put money down on a war, the bank called me on the Monday.

Another time someone got my CC # and started charging internet purchases outside of my normal interest.
Bank called me same day, negated charges, closed the card # and sent me new cards next day.

NOW... BoA owns MBNA customer pool and I had a credit of $1.43 due to how they processed their billing and my payments. They SCOOPED the money. No one could tell me the policy that allowed them to steal my $1.43.

AWESOME, you funded your own war!

/you gave me a lulz in the middle of a lousy day, thank you.
 
2013-05-30 12:03:46 PM

thurstonxhowell: Horan later met Elizabeth Ortiz of Queens, and gave her the Mercedes. She also received a $300,000 money transfer from him.



Isn't it traditional to present Queens Elizabeth with a gift when you meet?
 
2013-05-30 12:25:58 PM

BHShaman: Once I took a cash advance from a bank to put money down on a war, the bank called me on the Monday.


Out of curiosity, who were you at war with?
 
2013-05-30 12:29:57 PM
[Millionaire to Lawyer] I want to sue my bank for allowing me to spend millions on gifts for people I barely know.
[Lawyer to Himself] Why that's silly!  A bank has no legal duty to monitor whether their clients lack capacity to make financial decisions.  But wait, this guy gave away a million to people who helped him recently. He has so much money he doesn't know what to do with it.
[Lawyer to Millionaire] You have suffered a great injustice sir.  For the sake of protecting future victims from such wanton negligence I shall take your case at $450 per hour.
 
2013-05-30 12:33:59 PM

Satanic_Hamster: BHShaman: Once I took a cash advance from a bank to put money down on a war, the bank called me on the Monday.

Out of curiosity, who were you at war with?


He doesnt have anything to do with that.  He doesnt take sides.

4.bp.blogspot.com
 
2013-05-30 12:37:36 PM

caddisfly: [Lawyer to Millionaire] You have suffered a great injustice sir. For the sake of protecting future victims from such wanton negligence I shall take your case at $4500 per hour.


FTFM
/5000 lawyers at the bottom of the Sea?  -- a great start!
 
2013-05-30 01:39:33 PM
True story - my employer, a large finaincial institution was sued by client because we didn't stop him from sending hundreds of thousands of dollars to Nigerian scammers. He forwarded the email to us. We said scam. He called us. We said scam - in writing. He wired the funds anyway & surprise! lost it all. He then couldn't make payments on his multi-million dollar home, so we reposessed. He sued because "we shouldn't have let him do it".
This also happens in the investment side of our firm - client wants to buy crazy, inappropriate investments. We tell him not to & he insists (you are obligated to follow a client's instructions - although it can be a grey area). He then sues us for not protecting him from himself.
 
2013-05-30 01:42:58 PM

pseudoscience: RubberBabyBuggyBumpers: If the bank doesn't "make it right" they'll lose him as a customer. Do they make enough off of his money to eat the money he is asking for?

FTFA: Bank of America collected "large sums of money for fees" as Horan emptied his accounts with the gifts.

I doubt it.


I saw the "emptied his accounts" part. I think "emptied" is figurative in this case. I'm sure the guy's accounts are still loaded.

Sucks to be him, I'd imagine.
 
2013-05-30 02:49:48 PM
He's crazy if he thinks.....ohh yea.
 
2013-05-30 03:12:13 PM

Russ1642: tripleseven: Who are these people who accepted the gifts?

Seriously, someone unexpectedly gives you a supercar, and almost half a million bucks, and you just take it?

Uh, yes?


Scruple mean anything to you?

I earn what I get.

YMMV
 
2013-05-30 03:13:26 PM

tripleseven: Who are these people who accepted the gifts?

Seriously, someone unexpectedly gives you a supercar, and almost half a million bucks, and you just take it?


Um, who the hell would refuse to take it?! Any millionaires reading out there: I'll happily accept any amount of free cash if you're feeling unexpectedly generous!

Pray 4 Mojo: Did these people pay taxes on those gifts?

That's what I wanna know.


Recipients don't pay taxes on gifts... The giver is responsible for paying gift taxes... (So, crazy old millionaire dude may be in trouble with the IRS, too...)
 
2013-05-30 03:22:26 PM

cwheelie: This also happens in the investment side of our firm - client wants to buy crazy, inappropriate investments. We tell him not to & he insists (you are obligated to follow a client's instructions - although it can be a grey area). He then sues us for not protecting him from himself.


investor adviser rules are pretty clear, you're not liable for executing unsolicited orders. you have the option of not accepting the order. ... buwahahahaa...
 
2013-05-30 03:23:23 PM

RobSeace: tripleseven: Who are these people who accepted the gifts?

Seriously, someone unexpectedly gives you a supercar, and almost half a million bucks, and you just take it?

Um, who the hell would refuse to take it?! Any millionaires reading out there: I'll happily accept any amount of free cash if you're feeling unexpectedly generous!

Pray 4 Mojo: Did these people pay taxes on those gifts?

That's what I wanna know.

Recipients don't pay taxes on gifts... The giver is responsible for paying gift taxes... (So, crazy old millionaire dude may be in trouble with the IRS, too...)


A person with ethics for one.
 
2013-05-30 03:39:34 PM

tripleseven: A person with ethics for one.


Uh, where is the lack of ethics in accepting a gift from a person who can clearly afford it? I assume you refuse all gifts on your birthday, at Xmas, etc. and yell at everyone who tries to give you one?
 
2013-05-30 03:49:02 PM

tripleseven: Who are these people who accepted the gifts?

Seriously, someone unexpectedly gives you a supercar, and almost half a million bucks, and you just take it?


Sure, why not. If you know for certain that they guy is mentally unwell maybe that's not entirely kosher but OTOH maybe he's just an eccentric rich guy. Who are you to say he's mentally incompetent?
 
2013-05-30 03:56:37 PM

RobSeace: tripleseven: Who are these people who accepted the gifts?

Seriously, someone unexpectedly gives you a supercar, and almost half a million bucks, and you just take it?

Um, who the hell would refuse to take it?! Any millionaires reading out there: I'll happily accept any amount of free cash if you're feeling unexpectedly generous!

Pray 4 Mojo: Did these people pay taxes on those gifts?

That's what I wanna know.

Recipients don't pay taxes on gifts... The giver is responsible for paying gift taxes... (So, crazy old millionaire dude may be in trouble with the IRS, too...)


Actually if it's above $20,000 the receiver has to pay too. It's double dipping I know.
 
2013-05-30 04:27:46 PM

Astorix: Actually if it's above $20,000 the receiver has to pay too. It's double dipping I know.


What's your source for that? I can't find anything about such a rule in the IRS's own documentation on the subject (which I linked to above)...
 
2013-05-30 11:24:20 PM

poot42: caddisfly: [Lawyer to Millionaire] You have suffered a great injustice sir. For the sake of protecting future victims from such wanton negligence I shall take your case at $4500 per hour.

FTFM
/5000 lawyers at the bottom of the Sea?  -- a great start!


But I don't want to go to the bottom of the sea :(

/some of us are honest and actually help people
 
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