A 'mentally unstable' multimillionaire is suing Bank of America after they allowed him to give out more than $800,000 in gifts to two strangers.
Jeffrey Horan, of Manhattan, gave a $460,000 Lamborghini to a contractor and a $72,000 Mercedes-Benz to a woman in Queens. He also gave the woman $300,000 in cash. According to him, during the time he gave the gifts, he was exhibiting "strange, illogical and self-destructive behavior," and that the bank knew of his mental instabilities but allowed him to make "improper and erratic financial transactions."
Horan has spent time in Bellevue Hospital and New York Presbyterian Hospital for his mental conditions. He was committed against his will in both cases.
He is now seeking millions in compensation and punitive damages from the bank.
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.
"The Bank defendants…ignored suspicious and inexplicable activity in J. Horan's accounts and/or its monitoring system failed to alert the Bank defendants to the unusual activity," the suit says.
Bank of America collected "large sums of money for fees" as Horan emptied his accounts with the gifts.