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

Jay Ritz ran simultaneous fraudulent transactions: he sold watches to Greis Jewelers for $47,000 while pretending to sell a car he didn't own to Olympia Logistics (defendants) for the same amount, then had Olympia wire $47,000 directly to Greis's account at First Place Bank (plaintiff), labeling the recipient 'Greis JEW, Inc.' using Greis's actual account number. First Place credited Greis's account with the funds, Greis shipped Ritz the watches, and Olympia never received any car. First Place brought an interpleader action after both Greis and Olympia claimed the $47,000; First Place settled with Greis and stood in Greis's shoes against Olympia, then moved for summary judgment claiming entitlement to the funds.