Ambient Masthead tags

Monday, March 27, 2023

Repost: Jorge and Stella Araneta Sue JP Morgan for Allegedly Selling $10M of Their Jewelry

Image courtesy of www.dailymail.co.uk

A well-heeled couple is suing JP Morgan over claims it sold $10million worth of jewelry they had stored in a safety deposit box at the bank.

Jorge and Stella Araneta said after years of having safety deposit boxes with the bank, in 2016 JP Morgan began sending their bill to the wrong address and caused them to fall behind on their payments.

They allege the bank sent warnings that the box's contents would be removed if payments were not made, but that those warnings were also sent to an incorrect address.

After the accounts went unpaid for nearly a year, the couple said in 2017 JP Morgan drilled into the boxes and removed the contents, which consisted of rare coins, jewelry, and precious metals, according to Bloomberg.

The Aranetas said the bank did not successfully notify them until 2019, and that they brought their account current immediately after learning what had been happening.

Though the bank assured them their valuables would be returned, the couple allege JP Morgan later sold them at auction for $552,700 - a mere fraction of their multi-million-dollar value.

The Aranetas live in the Philippines but have addresses in Miami and Manhattan where their invoices from JP Morgan had been being sent since they opened their accounts in 2006.

In their suit, they said ten years later the bank began sending invoices to an PO box in Louisiana and they never saw them or following warnings about back-payments.

As the accounts went unpaid, they said JP Morgan finally sent a warning saying their boxes would be drilled into and their contents removed if payments were not received within 60 days.

That warning was also sent to the Louisiana address, and in February 2016 the bank drilled into four boxes and moved their contents to storage.

It wasn't until three years later they said they were notified about what had happened. They said they paid up, and the bank assured them their belongings would be safely returned.

But the Aranetas allege that ten months later the bank instead auctioned the belongings off.

The couple sued the bank on multiple claims in 2022. On Wednesday, US District Judge Naomi Reice Buchwald dismissed one of those claims.

But the case is continuing on other claims of negligence.

112 comments:

  1. Ang yayaman ng mga Araneta, di ba uso sa kanila ang auto pay? At wla silang online access sa kanilang bank acct? Ang old school ng mail reference, electronic na lahat dito sa US.

    ReplyDelete
    Replies
    1. Kaya nga. Tsaka important assets yon di ba. Hindi ba nila naisip one day icheck kung kamusta naman yung mga ari arian nila sa bank. Wala ba sila b assistant ganern??

      Delete
    2. Old school sila siguro

      Delete
    3. 11:14 hindi po ganun hindi lahat electronic meron pa rin snail mail wag mag magaling masani lang na nasa US

      Delete
    4. I agree, that's why I'm confused eh digital na ngayon, pwede naman sila magbabayad online kahit walang physical bill, if they're expecting a regular bill. Ako nga hindi mayaman, I just go online to pay bills kahit wala akong nakitang invoice basta expected na meron akong utang na babayaran monthly, quarterly or whatever.

      Delete
    5. walang naganap na email follow up?

      Delete
    6. It looked like you know better.. can you access safe deposit box online?

      Delete
    7. Ang problema dito ang dami provided na address kaya seguro pati bank nalito na. Pero may mali pa rin talaga ang bank grabe ipina auction talaga.

      Delete
    8. Exactly. Kung sa atin nga na 3rd world autopay na, US pa ba? Hmm.

      Delete
    9. That’s for normal accounts electronic.. high network clients can choose how they pay and how they will be contacted. I guess for them they want it like that.

      Delete
    10. Ay wala yan pag dito sa Pinas. Maka-US lang si accla eh.

      Delete
    11. Rich people’s problems. Sana all!

      Delete
    12. on the part of the Araneta couple, reasonable diligence would have also put them on alert mode when they would have noticed they were no longer receiving any communication from JP Morgan after 2 or even 3 years. Considering the amount of these jewelry, an annual checking or updating by their staff would have been sufficient already.

      Delete
    13. ung legit na mayayaman, or billionaire ayaw talaga ng online eme, kasi prone to hacking and all. Dito nag sa pinas may ayaw gumamit ng banking apps a gcash hindi pa ganyan kayaman sa Araneta. Pero sa amount of that jewelry nde talaga nila naisip bayaran, nawala sa isip nila ang asset n yan? nakalimutan nila na may obligaion sila to pay every month or every year for that? Sa bagay ung mga ber rich sa yaman minsan di n nila alam imanage at may mga bagay din na sineskrto nila s mga staff lalo kaperahan ang usapan.

      Delete
    14. Saka for sure, may mga assistant sila na naghahandle ng finances. Kung may asset ka sa banko, expect na may obligation ka sa kanila. Ano un kinalimitan na lang bigla kasi wala natatanggap?

      Delete
    15. Some heads better roll.

      On JPM side, walang due diligence with a change of address na hindi naman listed address ng Aranetas. On the Araneta side, kung truly importante ang safe, their billing dept should have noticed missed payments on an account.

      Delete
    16. 1:49 marami pa rin naka paper statement at hindi autopay sa US. Mas techie pa nga online banking dito. Hindi dahil US yan eh techie agad. Marami pa rin old school sa kanila.

      Delete
    17. Finance team na nila ang naghahandle nyan, and not them personally. No billing, so no payments processed. Dapat ma-prompt sila bakit wala pa billing ng recurring expenses. Anyway, settled naman na pero bakit na-auction pa rin yung contents months after?

      Delete
    18. Snail mail pa rin ang matanders dito sa North America. Ung boss ko sa telecoms pa kami ha, electronic lahat sa office pero nagbibitbit ng paper catalogues sa office kahit may apps naman. Mas nasanay kasi sila at efficient din ang mailing system, mabilis din. Yung bangko ko, pag tax slips ng investment sa mail din, di mo pwede kunin online o sa branch, sa mail mo talaga aantayin.

      Delete
    19. Ngek mother ko nga puro snail mail pa dn transactions sa america.

      Delete
  2. rich people's problems. sa sobrang daming pumapasok at lumalabas na pera hindi na siguro naaaccount, whoever handles their finances. syempre pag biglang nag stop yung auto payment mo ( in this case pa nga mukhang paper bill pa) sa isang bagay magtaka ka na diba.

    ReplyDelete
    Replies
    1. So shady that the bank started sending it to a diff address

      Delete
    2. Ask muna mga assistants nila. Sila dapat nagmomonitor ng auto payments at mails nilang mag asawa.

      Delete
    3. 2:07 And they pushed through the auction kahit paid na.

      Delete
  3. OMG! US dollars pala akala ko pesos lang kaya sabi ko parang maning-mani lang ang 10M sa kanila

    ReplyDelete
  4. Kasalanan pa din nila yan. Hindi nila inasikaso ng mabuti. Makes me think tuloy na baka sa sobrang dami ng mga safety deposit boxes nila kung saan saang bank nakakalimutan na nila. Mega Rich People Problems

    ReplyDelete
    Replies
    1. Seems that way. I’m sure may mga asset/property manager ang mga toh. Negligent sila sa duty nila

      Delete
    2. Agree... at saka hindi nila alam na my yearly yata na bayad sa safety deposit box

      Delete
    3. Uh why will the bank send it to the wrong address??

      Delete
    4. Kung nag-maintain sila ng online banking to check their account routinely, they must have had several messages and charges from the bank. Ewan ko, ang dami lang siguro nilang assets to even forget about their safety deposit box with JPM.

      Delete
  5. GRABE ang SCAM grabe

    ReplyDelete
  6. Don't you have automatic an payment set up? Also, you know your obligations so you did not wonder why you are not receiving your statements? They do not have your phone number? If you are a high end client I assume they give you a courtesy call at least. For years you waited for a statement from a bank? Just doesn't make sense to me.

    ReplyDelete
    Replies
    1. Exactly my thoughts! You should know your obligations kaya yung mga napuputulan ng kuryente gawa ng wala daw bill eh bakit nung may missed bill nung umpisa di ka man lang nagreact? Sana pinuntahan mo kasi alam mo namang monthly dues mo yan.

      Delete
    2. It doesn't make sense to people who aren't as rich as them. Hindi naman yun lang ang assets nila

      Delete
    3. 1158, same sentiments. You should know your obligations. Even if you have someone managing your payables, not an excuse that for almost a year, you missed paying your dues because you didn’t get your paper bill. Seriously?🙄

      Delete
    4. Exactly! I have a box and I had to open an account for auto debit.. It's linked to my savings, so if my box account has no money, they draw from my savings.
      When they didn't get the bill in the mail, why didn't they call the bank asking where it was? They had to know they didn't pay for their box? Nothing about this makes sense.

      Delete
    5. Hindi sila.katulad natin na iilan lang na binabayaran at na chcharge sa account

      Delete
    6. 733 gets nman namin ang yaman nila pero wala silang julalay n nag aasikaso ng mga kayamanan nila?😁

      Delete
    7. @7:33 for sure meron silang accountant or team na nagmamange for them or kung wala at feel nila strictly confi yan, dpat alam nila frequency ng invoicing ng bank. At meron din contract in case of default Tibgin ko din fault talaga nila Araneta yan, pero sa dami ng pera kaya nila kasuhan yang bangko sayang nga naman at baka manalo pa sila. Mahigpit pa nmn US regulators. Ang laki pa magfine sa banks

      Delete
    8. Fault nga ng bank mga accla diba kasi sinend sa maling address. Nasettle na din and the bank already assured them na okay na and maibabalik yung jewelries so dapat case closed na. Pero 10months after pa in auction ng bank ang jewelries. Someone or a department did not do their job.. Hayaan na natin sila kung mas bet nila ang paper billing. Pera naman nila yan.

      Delete
    9. Mga ses. They are rich, for sure they know the legalities how to keep their yaman secured. Hindi ordinary case to parang sating mga slight hampas lupa na may hundred K sa bank or maliit na milyon. Accdg to the news, inamin ng court and under investigation ang negligence ng JPM. Grabe pinababa nila ang value ng item. Tsk

      Delete
  7. Wow ito rich people's problems talaga, sa dami ng property nila di na alam kung san ipapadala mga notice, pero ang mura nabenta sa auction HA mabalik pa kaya yan for sure yung buyers natago na nila itatago nila yan for years again bago i auction

    ReplyDelete
  8. Manhattan Louisiana Miami wow sa dami ng bahay nagkalito lito na legit alta mga Araneta

    ReplyDelete
    Replies
    1. Louisiana? Unless it's New Orleans, why would they have a PO BOX in Lousy-anna? That place sucks.

      Delete
    2. Lumabas na tong news na to sa ubang pages from usa, the loui address wasn’t theirs. Nasend sa unknown po box to be exact, na hindi nila pagaari. Ayan o basahin nyo “ ten years later the bank began sending invoices to an PO box in Louisiana” daming kano na nag comment jan na mali ni jpm.

      Delete
  9. Mas na curious ako ano kaya yung mga Rare coins ba yun

    ReplyDelete
    Replies
    1. Could be old coins from decades ago. Madaming ganyan lalo na coins na may error

      Delete
  10. They know there are fees to pay for safety deposit boxes so baket hindi na lang kusa binayaran, kelangan pa singilin, or may auto debit nman ang mga bangko. Malamang talo sila sa kaso. Let’s see…

    ReplyDelete
    Replies
    1. Hindi lang isa ang bank safety deposit box nila for sure.

      Delete
    2. Actually if they are maintaining a high balance, free ang safety deposit box. It is only Kung wala lang transaction for a year, bank will get in touch if you want the account closed or remain open basta mag transact ka lang. also since I presume valued client sila, they should have an account executive who they can email anytime with their concern.

      Delete
    3. Baka naman sa dami ng safety deposit account nila all over the world nakalimutan na nilang magbayad ng fees for 1year. Mukhang nga may talo sila dito

      Delete
  11. AUTOMATIC PAYMENT

    GRABE

    COMPUTERIZE NA ANO BA YAN

    YAMAN WALANG COMPUTER?

    HE HE HE HE

    ReplyDelete
    Replies
    1. Do you really expect stella and Jorge to personally sign up for that? Why blame.them e hindi sila ang personally nag hahandle nian. Also, may miss ang bank jan kasi pano mapapalitan yang mailing address nila w/o authorization. Napunta po box. Hindi sa kahit anong US property nila

      Delete
    2. Sis malamang nalimutan nila sa dami ng mga accounts na hinahawakan. Meron yan sigurado finance managers but baka dahil confidential ang laman ng safety depodit box, hindi nila sinama sa trabaho ng finance manager.

      Ganun talaga mga alta. Meron pa ngang ganyan na maraming lupang minana at hawak lang mga titulo pero di alam kung asan exactly mga lupa niya. Problems of the rich ganyan. Wish ko lang ganyan lang din problem ko😅

      Delete
    3. Hindi lahat sa US naka Auto Pay. Marami p gumagamit ng personal checque dito. Option mo ang AutoPay. Option din ang online or email na bill. Marami takot sa online hacking. If ganun kalaking accounts, minsan personal ka na makikipag transaction sa mga banks.

      Delete
  12. wala silang personal accountants?

    ReplyDelete
  13. Sorry pero sa yaman nila ang tanga lang nila? Alam naman nila na may babayaran sila sa jp morgan dahil kumuha sila ng safety deposit box doon so ano yun hindi sila nagtataka na wala silang binabayaran???may responsibility din sila chaka pano malalaman ng jp morgan ang maling address malamang sila din nag lagay ng info na yun! Duh

    ReplyDelete
    Replies
    1. Naku wag mo ng intindhin kse ordinary person will never understand how alta handle their finances. Wag mo itulad sau n iisang bank acc lng ang iniisip

      Delete
    2. Bla bla bla know it all

      Delete
  14. Talagang naghintay pa ng years ganun? Diba may naghahandle ng finances nila. Kung months pa lang, wala ka na na received na invoice eh magtaka ka na. Dapat pro active ka diba. Asa na bayaran ka ni jpm 😅

    ReplyDelete
    Replies
    1. Oh they will settle for sure. It's their fault anyway.

      Delete
    2. may mga cases talaga sa America na aabutin ng years bago malaman.

      Delete
  15. Hinintay nila umabot ng 1 year dapat mga ilang months na wala sila narereceived na notification from bank sila mismo mag reach out. Tong mayayaman na to gusto lahat iaalay na lang sakanila. Kasalanan nyo yan!

    ReplyDelete
  16. Sa dami ng bahay at dami ng pera hindi makeep tract

    Mostly ng mayaman kuripot

    Bawat gastos TIPID at LISTA

    Kapag sobrang dami pala ng pera nawawala sa isip....he he he he

    ReplyDelete
  17. If they had this much money/jewelries in bank safety boxes, they or their assistants should not have forgotten them and contacted the bank why they’re not receiving bills - maybe they thought it became free storage?

    ReplyDelete
    Replies
    1. Free storage?? You’re not making any sense

      Delete
  18. Gwapo pala si Jorge. Si Stella, ka-aura ni Sofia Vergara.

    ReplyDelete
  19. Sino kaya nagsasabi ng totoo dyan. Ilang years na di man lang ba nagtataka na di nababayaran yung safety deposit box nila? Kung may personal accountant sila napaka incompetent din non. Very fishy.

    ReplyDelete
  20. I used to work for a company that collects payment. So far, the old rich, they don't set up electronic payments especially for accounts made earlier because they are very conservative pati sa filing ng mga docs. A lot of them try to avoid electronic trail as much as much as they can.

    ReplyDelete
    Replies
    1. Agree at old school couple sila

      Delete
    2. True! Yung iba kasi dito akala ata nila sa gcash lang transcation nila haha

      Delete
    3. The rich are indeed different from you and me.

      Delete
    4. 10:07 hahaha natawa ako pero so true

      Delete
  21. Hindi nila ikakahirap yan kahit hindi na nila habulin, pero syempre kanila yun dapat lang bawiin nila.

    ReplyDelete
    Replies
    1. Hello 10 Million dollars is a lot! At yung mga jewelry for sure may sentimental value din yan sa kanila

      Delete
    2. More than half billion pesos po.

      Delete
  22. baka old school sila? pero mahirap nga naman maalala lahat ng bagay lalo if marami investments. cguro marami naman sya investment manager pero nakalimutan pa din

    ReplyDelete
  23. negligence sa part ng JP morgan chase dahil bakit biglang sa ibang address na sesend yung billing? kung wala naman silang ipinasa na change of address e may problema sa mailing system ng JP morgan. and sa dami ng assets nila e may chance na di na nga na account yung safety deposit and the fact na inassure sila na masosoli sa kanila yung mga items tapos na auction may problema sa management ng JP morgan. dapat meron silang paper trail man lang/ documents/ or voice recording if done sa phone yung transaction ng usapan nila with JP morgan about dun sa assurance ng retrieval of items nila para malakas lakas ang case nila.
    about sa autopay e may mga old people na di naniniwala sa automated payments kung ganyan sila maghandle ng finance nila at gusto nilang may nababasa na billing e choice naman nila yun kaya nga sila naghahire ng mga accountants e.

    ReplyDelete
    Replies
    1. sinettle nga nila ung need bayaran, kaya sila inassur na mababalik, so maning may paper trail yan ng pinagbayaran nila, kasi hat the point of paying for it kung mde na rin nman mababalik pala. Baka pinag interesan ng banko talaga, kasi mas kikita sila na sila kasi napa autctioned nila at napaikot na ang pera at kinita ng ilang years vs sa possible fine nila if ever matalo nga sila.

      Delete
    2. Finally someone who makes sense

      Delete
    3. agree with 1:27 kala mo ung iba dito may alam sa US banking and how rich people handle their finances

      Delete
  24. Ano po mas ok safety deposit or i vault na lang sana nila sa secured place na sila lang may alam

    ReplyDelete
  25. Hindi ba nagtaka naghandle ng assets nila na bakit hindi sila na bibigyan ng notice ng JP morgan, kahit secretary lang yan na alam mga assets nila. Kasi ako nagwork as EA kaya alam ko mga dapat bayaran sa boss ko dati.

    ReplyDelete
  26. goodluck!!! america has 2 justice system 😔

    ReplyDelete
  27. Hindi ba sila nagtataka as high-end client na wala silang natatanggap na bills or notice? 1 month or 2 pag ganyan wala narereceive sila dapat mag initiate na mag reach out sa bank

    ReplyDelete
  28. Wow ang dami naman nila property sa US

    ReplyDelete
  29. Did they fire the accountant who handles this payable yet? I mean both parties ang may neglect kung iisipin. And yes it happens, sometimes those banks are medyo tanga din. Kahit nagpa update ka na ng address, aabutin ka ng 10 yrs bago mag reflect sa system nila. And then there's the araneta's na sa daming asset na.mina manage im sure meron naka assign na finance manager or asset manager.

    ReplyDelete
  30. Very bad yan! 10months is not enough reason para sa ganun. Exploiting much masyado. Meron naman sila personal banker, bakit di sila kinakausap? Very, very wrong talaga. Baka may bahid ng racism din yan kaya ginaganun sila.

    ReplyDelete
  31. Kung di naman nag change ng address bakit sa ibang lugar pinapadala ang bill? May mali sa management ng JP Morgan. Negligence naman sa part nila madam or sa tao nya. Di ba sila nagtataka na all of a sudden, wala silang natatanggap na bill?

    ReplyDelete
    Replies
    1. baka may nagkamaling agent or employee at nabago ang dtails of info nila madam sa system..or possible system or database error din.

      Delete
  32. so they are storing jewelries and assets in big banks. that why we are sinking bec. of this oligarchs

    ReplyDelete
  33. They neglected 10M$ worth of jewelry? Serves them right. No sympathy here.

    ReplyDelete
  34. Scam.. insider sa bank itu...

    ReplyDelete
  35. Cguro ang nilalaban nila is, ung nagbayad na sila at inassure sila ng Bank na mababalik ito, peroa ng nangyari nde ito naibalik at pinaAuction pa. Dapat di nila pinagbayad kung di rin nman pala mababalik diba. Sa side nman ng bank baka oinagkitaan na takaga yan,mkasi matalo man sila sa kaso baka ung amoung na $10M or slightly more lng ang maging fine nila, while kumita na sila ng malaki sa auction, unless the court would fine the bank multi million dollar na sinasabing value ng baluables na ito currently.

    ReplyDelete
  36. grabe ang mura ng pa auctioned ng JP Morgan, vs sa $10M value na claim nila madam, or baka nman overvaluation lng itong sila Madam. Anyway its just $10M, for Araneta's barya lng yan, wala p ngang 1billion pesos compare nio sa multi billion peso na halaga ng Forbes Mansion ng Pacquiao na binebenta ngayon. again for Araneta's barya lng yan not for common people of course.

    ReplyDelete
    Replies
    1. Baka may sentimental value din yan like the jewelry and may rare coins pa collectibles talaga sayang

      Delete
    2. More than half a billion is not barya lang!

      Delete
  37. I know they are rich but did not know they are THIS rich huh na sa sobrang dami nilang property at safety deposit boxes di na nila ma-maintain. Wala ba kayong mga secretary or accounts manager kalerky

    ReplyDelete
    Replies
    1. Araneta yan. Galing pa sa mga kanunununuan nila na mga spanish ang wealth nila.

      Delete
    2. They're billionaires. I searched sa google.

      Delete
  38. JP Morgan pa! Fraud

    ReplyDelete
  39. Hirap sa mga VIP accounts eh. Mag dedeclare ng address. Tapos sinasabihan naman sila for sure na once may changes sa informations like address or contact numbers eh mag update sa bank for notification nga. Tapos sisi pa rin sa banko. Neglence nila yan. And nasa MOA naman yan for sure. Walang pagkukulang ang bank hanggat nagsesend sila ng notification/mail sa declared address.

    -As a banker here

    ReplyDelete
  40. Pag ganyan vault na lang sa bahay. Yung nakatago na di basta makikita

    ReplyDelete
    Replies
    1. Korek sa yaman nila kahit underground pa nga e sa mansion nila

      Delete
  41. more money more problems

    ReplyDelete
  42. Tahimik lang ako sa gilid! Labanan ng mga mayayaman yan hahah

    ReplyDelete
  43. Kahit ba di sila nag sign up ng auto pay, they should have been responsible enough to know na meron silang binabayaran. Para bang pag may mortgage ka..pag di ka nakatanggap ng notice di mo na babayaran? Tumagal pa talaga ng halos isang taon. Kung nangyari sa akin yan after the first month na di ko na receive ang notice tatawag agad ako to follow up lalo na kung ganyang milyones ang laman ng safe.

    ReplyDelete

LinkWithin

Related Posts Plugin for WordPress, Blogger...