Background in the Financial and Banking Industry
Prior to his tenure at The Biltmore Bank of Arizona, Mr. Gaia was the Managing Director for the Retail Banking Group for California Bank & Trust, the $9 billion subsidiary of Zions Bancorporation. He had full P&L responsibility for consumer and small business activities covering 80 branches located throughout the state of California.
From 1988 to 2000, Jeff worked at Bank One Corporation, in which his last position was President, National Business Banking Group. In this capacity, he ran the small business franchise nationally for Bank One Corporation.
The Business Banking Group was the 3rd largest lender to small businesses in the United States, with outstanding loans and deposit balances of $30 billion. During his career at Bank One Corporation, he held positions as Chairman and President of Banc One Mortgage Corporation, Chairman and President of Bank One, Utah N.A. and several other senior line and staff positions. These included Chief Loan Examiner, and Head of the Special Assets (Workout) Division with Valley National Bank, which merged with Bank One in 1993.
Earlier in his career, he was employed at Citibank in St. Louis, Missouri and London, England, where he ran a derivative trading operation and led early mortgage securitization activities in the UK mortgage market. He has deep experience in both public and private debt markets in the United States and abroad.
Educational and Professional Qualifications
Jeff’s education qualifications include a BS degree from the University of Missouri (1976) and an MBA from St. Louis University (1979). He has been a frequent guest speaker at various banking industry conferences, including those sponsored by BAI, American Banker, and European banking trade groups.
Past and Current Projects
Case No. CV2019-011499
Peter S. Davis, as Receiver of DenSco Investment Corporation, an Arizona Corporation,
Plaintiff,
v.
US Bank, N.A., a national banking organization; Hilda H. Chavez and John Doe Chavez, a married couple; J P Morgan Chase Bank, N.A., a national banking organization; Samantha Nelson f/k/a Samantha Kumbalek, and Kristofer Nelson, a married couple; and Vikram Dadlani and Jane Doe Dadlani, a married couple,
Defendants.
This litigation, filed in Arizona Superior Court Maricopa County, involved claims in excess of $35 million brought by a Receiver against J P Morgan Chase Bank, N.A. (Chase) and US Bank, N.A. resulting from a massive Ponzi scheme facilitated by alleged violations of anti-money laundering (AML) regulations of the Bank Secrecy Act and USA Patriot Act. I was retained by Osborn Maledon to represent the interests of the Receiver, and prepared multiple expert reports documenting the alleged AML violations of both Defendants. I prepared multiple expert reports and provided deposition testimony on both Defendants. US Bank settled through mediation. Trial involving Chase is currently scheduled in early 2024.
- Client: Peter S. Davis as Receiver, Plaintiff
- Client Law Firm: Osborn Maledon
Case No. CV-2015-009825
Goldwater Bank, N.A.,
Plaintiff
vs.
First Western Financial, Inc, et al,
Defendants
This litigation, filed in Arizona Superior Count Maricopa County, involved Plaintiff’s damages claims against Defendants arising from certain employee recruiting activities. I was retained by Bryan Cave Leighton Paiser on behalf of Defendant First Western Financial to prepare a report and deposition testimony covering data breach provisions of the Graham-Leach-Bliley Act, industry practices for the protection of confidential customer information, and customary mortgage loan origination practices. I provided a written report covering industry and regulatory practices. First Western Financial successfully settled the case during mediation.
- Client: First Western Financial, Defendant
- Client Law Firm: Bryan Cave Leighton Paiser
Case No. 4:16-CV-00151-A
Salvadora Ortiz, et al,
Plaintiffs
v.
American Airlines Federal Credit Union, et al,
Defendants
This multi-million dollar class action litigation was filed against American Airlines (AMR), the AMR Pension Asset Administration Committee, and the American Airlines Federal Credit Union (AAFCU) in the United States District Court for the Northern District of Texas. Plaintiffs claimed damages relating to an alleged improper investment offering of an AAFCU money market product. I was retained by Jackson Walker LLP to provide a written report on behalf of the AAFCU explaining the nature of the deposit offering and documenting the mischaracterization of Plaintiffs’ claims against AAFCU. Based on my report, AAFCU was dismissed as a Defendant on a Motion for Summary Judgment.
- Client: American Airlines Federal Credit Union, Defendant
- Client Law Firm: Jackson Walker LLP
Case No. 19-CV-03176
J M Smith Corp,
Plaintiff
v.
Bank of Missouri, et al,
Defendants
This litigation, filed in the United States District Court of the Western District of Missouri, involved a multi-million dollar monetary damages claim sought by Plaintiff resulting from alleged misrepresentations of Defendant Bank of Missouri. I was retained by Armstrong Teasdale LLP to provide an assessment, in the form of a Rebuttal Report, to Plaintiff’s Expert Witness report. My work included submission of a Rebuttal Report and deposition testimony. The case was settled shortly prior to trial.
- Client: Bank of Missouri, Defendant
- Client Law Firm: Armstrong Teasdale LLP
Case No. CV-00-0062-PR
Supreme Court of Arizona
En Banc
Wells Fargo Bank, a National Banking Association,
Plaintiff - Counterdefendant -- Appellee
v.
Arizona Laborers, Teamsters and Cement Masons
Local NO. 395 Pension Trust Fund.
(Read more about this case HERE.)
I provided a written report, deposition, and trial testimony involving banking practice standards which led to the landmark Arizona Supreme Court Decision on breach of the implied covenant of good faith and fair dealing. I provided an Expert Report and trial testimony in this case against Wells Fargo Bank that was heard by the State of Arizona Supreme Court. My client, Stinson Morrison Hecker – now known as “Stinson”-- (representing the Arizona Laborers Teamsters and Cement Masons Pension Trust Fund), had lost a motion for summary judgement filed by Wells Fargo, lost an appeal of this lower court decision, and appealed to the State of Arizona Supreme Court. The high court heard this case and reversed the lower court decisions in large part based on my report and testimony regarding Wells Fargo’s intentional deviation from normal and customary practices in its handling of a construction loan to a company owned by former Arizona Governor Fife Symington. This case resulted in a multi-million dollar award to the Teamster’s Pension Trust Fund.
- Client: Arizona Laborers, Teamsters and Cement Masons Local No. 395 Pension Trust Fund.
- Client Law Firm: Stinson LLP
Case No. 2:14-CV-00545-RSL
Federal Deposit Insurance Corporation as Receiver for Washington Mutual Bank,
Plaintiff,
v.
Arch Insurance Company, et al,
Defendant
This litigation was filed on behalf of the Federal Deposit Insurance Corporation (FDIC) against a consortium of insurers which underwrote an errors and omissions (E&O) policy in favor of Washington Mutual. Washington Mutual failed and was placed into receivership on September 25, 2008. J P Morgan Chase purchased the franchise from the FDIC in an assisted transaction that same day. As negotiated, the FDIC retained litigation claims and filed this action based on a legal interpretation of the insurance contract. The case was filed in the United States District Court Western District of Washington at Seattle. Plaintiff claimed damages exceeding $50 million against the Defendant insurers. I was retained by Davis Wright Tremaine LLP on behalf of the Defendant, and provided a written report which contested the validity of the E&O claim by reviewing and documenting the inadequate underwriting, documentation, quality control elements of the origination activities, and regulatory compliance by Washington Mutual relating to the prevention of mortgage fraud as related to the underlying 135 fraudulent mortgages. Shortly after submission of my Report, the case settled in mediation.
- Client: Arch Insurance Company
- Client Law Firm: Davis Wright Tremaine, LLP
Resume
Learn More About Jeffrey
Jeff is an avid mid-altitude, long-distance hiker, and has completed the 210 mile Coast to Coast Trail in Northern England, the full 92 mile trek of Hadrian's Wall, 75 miles along the Inca Trail in Peru, entering Machu PIcchu through the Sun Gate, several long-distance hikes in the Dolomites, and most recently he completed the first two stages of the Camino de Santiago in northern Spain. Check out this video of his latest adventure: