A finance honcho who slowly lost his sanity after a helicopter crash blew millions on lavish gifts to people he barely knew, while his bank adviser did nothing to stop him, a lawsuit claims.
Former Lehman Brothers and UBS financier Jeffrey Horan, 43, bought a New Jersey contractor a $460,000 Lamborghini and a Queens woman a $72,000 Mercedes during a bizarre 2010 spending spree, according to the Manhattan suit, filed yesterday.
The largesse was part of “strange, illogical and self-destructive behavior and improper and erratic financial transactions that resulted in the loss of millions of dollars,” during 2010, says the suit, filed on behalf of Horan and his lawyer brother, Larry, who later that year was appointed Jeffrey’s legal guardian.
Horan’s Bank of America financial adviser knew her client was mentally unstable but failed to raise any red flags, the suit alleges.
In addition to the Italian luxury car, Horan gave Alex Gershkovich $600,000 to work on his Upper East Side apartment despite barely knowing him, the suit claims. Just days after meeting Erika Ortiz, the suit adds, Horan bought her the Mercedes and transferred $300,000 to her.
Horan’s generosity even led him to hand blank checks to strangers, the suit says. Larry Horan, who would not comment, is seeking millions in compensation and punitive damages from the bank, Ortiz and Gershkovich.
A pal said the downward spiral began with a helicopter crash in 2001 that nearly cost Jeffrey Horan his life.
A crew of UBS execs and top clients were flying back from Philadelphia.
“When your helicopter crashes doing 165 miles an hour into trees, it tends to change people’s lives,” said Horan’s former business partner Drew Doscher.
“I lost a good friend and a great business partner.”
Horan’s instability resulted in forced stays at Bellevue and New York-Presbyterian hospitals, the suit states. “He was a danger to himself with respect to his financial affairs,” it adds.
Reached at his construction business in Hoboken, Gershkovich refused to comment. Ortiz did not return calls or texts. Bank of America officials said they had not yet reviewed the suit.