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First Place Bank v. Olympia Logistics & Services, Inc.

United States District Court for the Eastern District of Michigan
2013 WL 1122559 (2013)


Jay Ritz perpetrated a fraudulent scheme against Greis Jewelers Inc. (Greis) (defendant) and Olympia Logistics & Services, Inc. (Olympia) (defendant). Ritz simultaneously negotiated two online transactions. Ritz purchased watches from Greis for $47,000 and sold a car to Olympia for $47,000. Ritz did not own the car and never intended to deliver anything to Olympia. Ritz obtained Greis’s wire transfer information for its account at First Place Bank (First Place) (plaintiff). Ritz gave Greis’s account number to Olympia and told Olympia to wire the money and label the recipient as “Greis JEW, Inc.” On the day of the transactions, as instructed by Ritz, Olympia wired $47,000 to Greis’s account at First Place. First Place placed the funds in Greis’s account. Upon receipt of the funds, Greis shipped the watches to Ritz. Olympia never received the car. First Place brought an interpleader action against Greis and Olympia, who both claimed ownership of the $47,000. First Place settled with Greis and stood in its shoes against Olympia. First Place moved for summary judgment, claiming it was entitled to the $47,000.

Rule of Law


Holding and Reasoning (Roberts, J.)

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