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fraudulent money transfers

Albert Ellis Institute v. JP Morgan Chase Bank NA 11-cv-5504 (S.D.N.Y.) Manhattan

Nonprofit Albert Ellis Institute alleges that its former president diverted AEI funds for his own benefit and that JP Morgan Chase, AEI's bank, failed to prevent the fraudulent transfers.

AEI alleges that JPM failed to prevent these fraudulent transfers or to adequately protect AEI's funds. AEI alleges that despite notifying JPM of 65 unauthorised transfers, JPM has refused to return the misappropriated funds. Loss claimed is at approximately $2.3 million.

Claims are for breach of contract and breach of duty (including duty owed by bank to client und More...