Hell - No way the family is getting this car

[MdmeX]

Multimillionaire spends $532,000 on luxury cars for strangers, suit claims

Jeffrey Horan bought a Lamborghini and a Mercedes-Benz for a New Jersey contractor and a Queens woman while exhibiting "strange, illogical and self-destructive behavior," the complaint filed by the multimillionaire's brother said.

Comments (1) By Barbara Ross AND Larry Mcshane / NEW YORK DAILY NEWS

Wednesday, May 29, 2013, 1:23 PM

Xanthos Julia/New York Daily New/Xanthos Julia/New York Daily New

Millionaire Jeffrey Horan allegedly bought a Lamborghini for a New Jersey contractor after 'a chance encounter' and while afflicted with mental health problems, the millionaire's brother says in a lawsuit.

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.
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Millionaire Jeffrey Horan resides in the upper East Side of Manhattan. His brother and guardian Lawrence claims Jeffrey was allowed to squander hundreds of thousands of dollars despite mental health issues that landed him in Bellevue Hospital and New York Presbyterian Hospital.

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.
bross@nydailynews.com