Dwight Freeny Suing Bank of America for 20 Miiiilllion Dollars

[DanC78]

Bank of America says they have nothing to do with swindling and should not be held responsible. Dwight thinks otherwise. I'm thinking BOA should be held responsible to some level, and I'm not saying that because I loath them.


Five years ago Freeney hired the financial institution to manage his money. At that time Freeney was in the middle of a six-year, $72 million contract that made him the highest paid defensive player in NFL history.

Freeney's advisor at Bank of America was Eva Weinberg, who was working with a colleague named Michael Bock. The pair brought in a third man named Michael Stern, who was Weinberg's romantic partner. Freeney says Stern was introduced to him under a fake name, Michael Millar.

Weinberg left Bank of America in June 2010 without notifying Freeney. Nobody at the bank notified him either. Thus he remained Weinberg's client, and Freeney claims shortly thereafter Weinberg and Stern stole $9 million from his accounts.

http://yahoo.thepostgame.com/blog/d...l-football-san-diego-chargers-bank-of-america

 

[MVT ATLANTA]

Absolutely. This guy was BOA employee at the start of the relationship with Freeney and business plans and strategies were also developed and put into place during this time.
Just cause the poop hit the fan after he left, I think it still keeps BOA as part liable.

 

[RTM58]

Nobody called him from the bank to say someone new would be handling the account of a NFL player making $72 million? Seems very suspicious. He apparently wasn't checking the letterhead on any correspondence from Weinberg after she left the bank. Also seems odd.

An NFL player and his money are easily parted

 

[SeaPA]

My understanding has always been that a client is a client of the company, not the individual investment advisor. When the lady left BoA, they'd have simply reassigned his account to another employee unless Freeny signed papers instructing them to transfer the funds to a different brokerage house.

 

[DanC78]

BoA really dropped the ball by not having an account manager reach out to him. I mean, that is really dumb.

You know if BoA has to pay out anything that there will be some heads rollin. Because of that know one is stepping up to the plate and taking responsibility.

 

[ShaolinNole]

BOA has a responsibility and probably policies to maintain proper account access security (SOX audit, anyone?) it sounds like they didn't maintain proper controls. Without further info, it sounds like they are gonna be on the hook.

 

[Seminiferous]

K was with BOA. BOA former & current employees embezzled. BOA breached its fiduciary responsibility. BOA fully liable.

BOA is the worst bank in America, which they've demonstrated yet again.

 

[SeaPA]

K was with BOA. BOA former & current employees embezzled. BOA breached its fiduciary responsibility. BOA fully liable.

BOA is the worst bank in America, which they've demonstrated yet again.

I agree that BoA sucks, but I'm not sure there is enough info to assume they are on the hook with this. Freeny's initial K was with BoA, where Weinberg worked. Weinberg left BoA; at that point, his K would still have been with BoA & they'd have put another advisor in charge of the account. But somehow the account went with Weinberg to whatever securities company she moved. Somehow, paperwork got completed to initiate that transfer.
If Weinberg forged the paperwork, BoA is likely going to pay since they didn't verify Freeny's desire to transfer his assets. If Freeny signed the documents, I don't see how BoA would be in any trouble.

 

[Seminiferous]

The promulgated facts appear to emasculate any argument that Freeney consented to transferring his money from BofA. It has been consistently reported that neither Weinberg nor any BofA representative ever advised Freeney that Weinberg had left BofA. Accordingly, under the facts as we know them, I consider it virtually impossible that Freeney knowingly consented to transferring his assets out of BofA. Freeney's contract was with BofA, not an individual employee of BofA; I'm unaware of any wealth management company in America that has their investor contracts with individual institutional employees rather than the institution itself.