When lawyer Joseph Caputo cashed over a quarter million dollars from his client trust account with little explanation, officers at New Jersey National Bank may have been suspicious, but they didn’t question Caputo about where the money was going.
As it turns out, the funds, and Caputo, were bound for the gaming tables in Atlantic City. And while the bank didn’t necessarily know that, its failure to investigate the unusual transfers may make it liable to the third-party beneficiaries, New Jersey’s Supreme Court ruled Wednesday.
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