Report - Phone scam said cost hedge fund $1.2m

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The finance chief at Fortelus Capital Management got an alarming phone call just as he was getting ready to leave work on a Friday.

Bloomberg News reports that the caller said he was from Coutts, the hedge fund’s bank, and warned there may have been fraudulent activity on the account.

Fortelus Chief Financial Officer Thomas Meston was reluctant, but agreed to use the bank’s smart card security system to generate codes for the caller to cancel 15 suspicious payments. He hung up just after 6 p.m., according to court filings.

When Meston logged on to the firm’s online bank account the following Monday, he saw that $1.2m was gone. Coutts, a unit of Royal Bank of Scotland, had no record of the Friday phone call. Meston had been conned.

To access the complete Bloomberg News article hit the link below:

A London Hedge Fund Lost $1.2 Million in a Friday Afternoon Phone Scam

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