A couple is suing a money manager for taking nearly $1 million. Charles Lewis claimed he placed the funds of Albert L. Jacobs in billionaire investor Carl Icahn’s bank. However, Lewis didn’t know Icahn and the bank was made up.
The lawsuit lays out how Lewis swindled Attorney Albert L. Jacobs Jr. Jacobs received Charles Lewis’ daily financial email back in 2011. As the former vice president of Shearson Lehman Brothers, he would provide advice on the financial markets, calling him a Wall Street investment professional.
Lewis was able to get Jacobs to fork over $860,000 under the guise that his colleague, Carl Icahn, would invest the money. Lewis promised Jacobs a 15 percent return in his investment.
Once Jacobs requested his money back, Lewis wouldn’t hand it over, saying it was in the Icahn Bank, an institution that didn’t exist.
Lewis contends that the lawsuit is merely a misunderstanding. He claims he will pay back the funds within 30 days after using the money on his own rent and expenses. Lewis also contends he never told Jacobs he was affiliated with Icahn.
Details and photo courtesy of NY Post