Rosario Companies Sue First Horizon Over Alleged $6.52 Million Transfers

Two companies tied to business owner Misael Rosario sued First Horizon Bank, alleging 15 unauthorized wire transfers totaling about $6.52 million over three days in March left more than $4.5 million unreimbursed. K&A Rosario Holdings LLC and MJR Fund I Inc. allege in an amended complaint that callers impersonated Rosario and that First Horizon allowed the transfers from their accounts. The complaint says a caller contacted the bank on March 3, claiming to have a new cellphone. Within minutes, the accounts were accessed from an unfamiliar New York IP address. The companies say law enforcement helped recover some of the funds. Their attorney, Victor Velarde, said the allegations raise questions about what First Horizon knew after earlier incidents and what measures it took to protect customers.

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