Lawyer needed?

[AST]

Greetings
My offer for a boat presented by a broker (pretty reputable) was accepted and was asked to wire 10% (so far a typical procedure here in the usa). After the wire was sent and completed the broker notified me that he gave me the wrong account number. I tried recalling the wire but the receiving bank just denied the recall (typically means the fund no longer available). The broker in in Florida.
Do I need a lawyer? Any recommendations?
Thanks

[sailorboy1]

I think you should ask your bank

[AST]

My bank can't really make any recommendations. They are saying the fund was delivered in accordance with the wire instructions.

[SailingHarmonie]

The usefulness of a lawyer very much depends on what number the 10% was of.

The downside of a direct wire transfer of funds, is the money goes where you send it, and it can almost never be clawed back once the transaction is done.

If the money was delivered to the account the broker told you to send it to, it seems the error is his, and the problem should be his. But that is logic, not law...

[CarlF]

You don’t need a lawyer yet.

First, if this was a domestic wire, mistakes can often be fixed. Banks fix errors all the time. International wires are much harder to fix. Be persistent with the bank explaining that this was not a scam but an innocent mistake.

If that doesn’t work, as you describe it this was clearly an error by the broker (or boat owner). You were following their instructions in good faith. They need to refund the money or proceed with the purchase as if they had received it. The broker may carry insurance covering this. Mistakes happen in all businesses. Give him a chance to fix it.

Be sure you keep all communications in writing (if a phone call, immediately after the call send an email summarizing the call).

If the broker doesn’t fix it in a reasonable time, tell him you will call the Florida Licensing Department to file a complaint. As this could cause him to lose his license, it’s likely to get his attention.

https://myfloridalicense.custhelp.co...estigations%3A

[Knotical]

If the broker made a mistake like that how can he be reputable? I would ask him to return the 10%.

Did he admit to his mistake in writing? That may give you an opening to seek a legal course.

As others have said, a wire transfer is final, the banks are not liable for a mistake made by the account holder; a few wires that I have sent I request a bank printout for wire transfer with their account and routing numbers, that way there cannot be any mistake.

A wire transfer usually asks for name, address etc., the receiving bank will not receive a transfer if the info is incorrect, how did your wire go through?

[AST]

Yes the broker admitted the mistake and I have that in email and text.
Thanks for all the replies. I just notified him of the verdict of the recall. Will see what his response might be. The 10% that I sent was in the neighborhood of 15k.

[HeinSdL]

In addition to the account number there should also have been an account name: name of person or entity behind the account. Was there?

If not - I am surprised that the bank was able/willing to send out cash without sending an account name to the receiving bank, and the receiving bank was able to credit the funds to an account somewhere without confirming the account name.

If there was an account name, either - it was an account name actually belonging to the account number in which case there is little any bank can do, the receiving account holder will need to initiate the return of funds;

or - the name and number did not match in which case the receiving bank is obliged to return the funds.

[AST]

Yes there was an account name and address. The name of the account was indeed the name of the company of the broker.
My bank explained that in such case the receiving bank will reject the wire if the name and the account number don't match. But the recall was denied then the name must have matched the account. And that is why I m suspecting foul play here.

[danstanford]

Sounds a lot like many of the scams out there.

[AST]

Yes it does. And if I determined it is I will reveal the name of the company and the broker so others will benefit from my experience. I just want to give him a chance first to see if he will rectify the situation

[HeinSdL]

The bank has regulatory responsibility to identify the account holder so the account you sent the funds to definitely belongs to the broker (if not the receiving bank has an issue) hence the broker is now beneficial owner of those funds.

I suspect therefore that for the broker it is merely an inconvenience, they recently moved their business to another bank and they will have to now correct this payment, by moving it themselves to their new account. I think it is unlikely to be a scam because it would be a bit amateurish to organize such a scam using domestic banks. The broker could still be a highly unreliable organization and then there might be some inconveniences for you, the OP, but I think the loss of funds is still highly unlikely.

[bgallinger]

Following....

[Shrew]

So let's take a step back for a second.

1) You have the wire information in writing

2) Wire number matches recipient name and processed successfully on both ends

3) Name on account matches the broker/brokerage who's name is also on the P&S

4) Sending bank confirms send

5) Receiving bank confirms receipt.

The only evidence you have that the broker didn't get the money, is the broker.

So who's account is the other (incorrect) number which is also in his name going to?

The issue isn't the money. The issue is the broker now stalling the sale.

[AST]

Ok the thought did come to me but why would the broker would want to stall the sale?