Big bank transfer mistake! My brother made a huge mistake, when buying a stock, and sent alot of money to an internet friend..please help?

He's called her yelling and yelling, and she says her bank said that he had her account numbers and made the transfer, whether he made a mistake or really meant to send it, and then changed his mind. It was sent to her account. It was a Fed Wire.

She thought he got that huge windfall of money that he's

He's called her yelling and yelling, and she says her bank said that he had her account numbers and made the transfer, whether he made a mistake or really meant to send it, and then changed his mind. It was sent to her account. It was a Fed Wire.

She thought he got that huge windfall of money that he's been saying was coming soon.
So she's asked him for 1-2 thousand dollars out of several thousand that is in her bank account and he screaming he won't give her not even one dollar.

To be honest, I'd be so grateful for her help, I'd want to give her a little something out of all that money he was going to buy stock with.( this is what he does online) for a living.

Anyways, he thinks his bank will resolve this, but I don't know how they can do anything.
What sort of procedure does he really need by his bank?
Or is this something they have to work out one on one..like her bank said?

Best Answer:

ohmyohmy: Your brother is LYING to you. There is NO WAY he wired money to ANYONE to buy stock. If he tried to wire money to a stockbroker, his bank would have known INSTANTLY that the 'internet friend's' bank account WAS NOT the brokerage's account. The brokerage has its own routing number, not a bank account. The PAPERWORK required to set up wire transfer authorizations that don't required actually going to the bank and signing papers every time makes what you claim impossible. HE would have had to previously visit his bank and complete multiple forms specifically naming her account as a recipient for wires authorized in such a manner. That doesn't happen accidentally.

Other answer:

ohmyohmy:
The transfer needs to be frozen at the recipient bank until this is resolved as a disputed wire. Then brother needs to work with his own bank to prove that there was a genuine error. For example if he can show that there were two wires going out at the same time, one to settle a trade and another to pay his 'internet friend' then he would be in a good position to argue human error.

In the meantime I suggest he not have any further contact with 'internet friend'. Anything that she can use that proves he tried to negotiate with her (give her some of the money) will be a problem for him.

Anonymous:
I'm not exactly sure what your brother was buying. If it's being managed by a legit financial adviser, your brother would have had to read through a contract and sign it
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coraann:
She is not compelled to do anything or return any money to him if she chooses not to.
Let his bank do whatever they want. It is his error.
Karen:
I don't know. I don't work at their banks.

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