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Well a former financial executive in New York who spent time in -- -- psychiatric hospital.
Went on -- spending spree giving up millions of dollars in cash and cars to strangers.
That's the word from a new lawsuit filed by the bankers brother.
Who is also the legal guardian in this case the lawsuit claims the man's Bank of America.
Should have done more to stop him from spending but his Bank of America knew he was mentally ill.
The lawsuit claims the former executive -- luxury cars to two people he barely knew.
Including a 460000.
A home contractor received that car and 600000.
Dollars in cash.
For work he never finished.
According to court papers a former banker also gave bank checks to complete strangers blank checks.
The Baker's brother is suing the bank and others for millions of dollars in compensation we reached out to Bank of America and of course we haven't -- response from the red bank.
Trial attorney David Stone is here and live in studio -- this guy clearly needed a little help.
But is the bank is supposed to help.
Well the issue here shepherd is going to be -- a -- have a duty.
For example if you would drowning and I walked by.
I would have no obligation to see you because I do not heavy duty to me.
I might save you because I'd like you but I wouldn't have any legal obligation to -- -- rights generally banks normally would not have an obligation.
To stop their customers from engaging in transactions.
If however those banks had prior knowledge that those customers were mentally incompetent as is alleged in this case.
Then they might have an obligation.
Because -- -- -- policy under the law called know your customer.
Where banks are supposed to know their customer if they have a long standing relationship.
With the customer somebody like you -- somebody like me for example where my mind relationship with my bank is.
You know calling in pushing one to get my balance -- they have no obligation.
But somebody like this individual who to hiding -- individual who any personal financial advisor.
At Bank of America they had an obligation to know him what you you don't.
I'm sorry -- happened to him but his brother's a legal guardian rights shouldn't his brother have taken some.
Well apparently as I understand the complaint which -- was recently filed the brother just recently was -- the guardian so with the tying these.
These actions occurred he was not the garden.
-- -- -- -- -- -- -- -- Quarter million dollars worth of damages and that's only found out about all of us well it's pretty good tip for a contractor you forget to and they are meant thank you appreciate it well.
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