CHICAGO (CN) – Wachovia Bank claims it wired Majapara Casa de Cambio, in Mexico City, 26 million Euros on Dec. 7, but Majapara never sent back the $38.1 million U.S. dollars, as promised. Wachovia also sues Harris Bank of Chicago, where Majapara has an account.
After Majapara stiffed it for the $38 million, Wachovia says, two deposits for Majapara, totaling $9.5 million, came to Wachovia, and Majapara had the brass to try to transfer that money out to another bank. Wachovia said it prevented the transfer, and that Majapara now owes it $24.7 million (sic).
And, Wachovia says, it expects it may be asked to cover $3 million in Majapara’s bounced checks per month, “into the future.”
Wachovia claims Majapara’s CEO, Jorge Ortiz, admitted in a phone call that he owes Wachovia the $30 million; that he took the money because of a “liquidity crisis;” that he loaned the money to third parties; and that he knew that doing so was illegal, as Mexican casas de cambio are not allowed to make loans.
See complaintin Cook County Court.