Ballers: Family Suing Bank Of America After Mentally Ill Multimillionaire Cops $460K Lambo And $72K Benz For Total Strangers

- By Bossip Staff

Catch this guy on the right day you really might wake up in a new Bugatti. The family of a mentally ill millionaire are suing Bank of America for failing to protect his fortune as he purchased a lambo for his contractor along with other outlandish withdrawals.

Via NY Daily News reports:

A deranged East Side multimillionaire purchased a $460,000 Lamborghini and a $72,000 Mercedes-Benz for a pair of random strangers during a bizarre 2010 spending spree, a recent lawsuit alleges.

Jeffrey Horan bought the luxury cars for a New Jersey contractor and a Queens woman while exhibiting “strange, illogical and self-destructive behavior,” said the complaint, filed May 23 in Manhattan court by Hogan’s brother and guardian Lawrence.

His “improper and erratic financial transactions … resulted in the loss of millions of dollars,” said the lawsuit, which accuses Bank of America Inc. of failing to protect Jeffrey Horan’s fortune.

The millionaire was allowed to squander hundreds of thousands of dollars even though bank officials knew of the mental health issues that landed him in Bellevue Hospital and New York Presbyterian Hospital, the suit claimed.

Jeffrey Horan was committed against his will in both instances, according to the lawsuit. Lawrence Horan is seeking millions of dollars in compensation and punitive damages from the bank, a BofA account official and the two strangers.

According to the complaint, Horan’s largesse extended to a New Jersey man hired to work on Horan’s apartment. Horan paid Alexander Gershowitz a reported $600,000 for construction work – and bought the Hoboken resident the pricey Italian sports car.

The huge “gifts” came after “a chance encounter” between the two men, the suit contended.
A second random meeting between Horan and Elizabeth Ortiz of Queens led to the gift of another luxury car — the Mercedes-Benz — from the “visibly disabled and psychotic” millionaire.

Ortiz, shortly after meeting Horan, also received a $300,000 cash transfer, the lawsuit said.
All of the wild spending raised no red flags with bank officials responsible for tracking Horan’s income, the complaint alleged.

“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 said.

While allowing Jeffrey Horan to wildly empty his accounts, BofA continued to collect “large sums of money for fees,” Lawrence Horan asserted.

Attorneys for both sides in the lawsuit declined to comment Wednesday.

SMH. Good luck getting Bank Of America to pay up. In the meantime we’re wondering if this guy still has his debit card? We want to take him on a walk… to Sak’s!

Just kidding.

On the real though, were these people shady to accept such pricy gifts from dude? Would you have turned him down?

Pan Xunbin /

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