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Shaw Capital Management Scam Info: Judge rules against trial in lawsuit by victim of $588K cyber heist
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Shaw Capital Management Scam Info Warning
Shaw Capital Management Scam Info: Judge rules against
trial in lawsuit by victim of $588K cyber heist
http://www.
computerworld.
com/s/article/9217417/Judge_rules_against_trial_in_lawsuit_by_victim_of_588K_cyber_heist
By Jaikumar...
[More]
Shaw Capital Management Scam Info: Judge rules against
trial in lawsuit by victim of $588K cyber heist
http://www.
computerworld.
com/s/article/9217417/Judge_rules_against_trial_in_lawsuit_by_victim_of_588K_cyber_heist
By Jaikumar Vijayan
June 7, 2011 05:20 PM ET
Computerworld - A Maine judge s ruling in a case involving a business that sued its bank after losing
$345,000 in a cyber heist could set a precedent about how diligent companies must be in protecting
their assets online.
Patco Construction Company, a family-owned business in Sanford Maine, sued Ocean Bank in 2009
after cyber crooks broke into the company s online account and siphoned out nearly $589,000 via
unauthorized Automated Clearing House (ACH) transfers.
About $243,000 worth of transfers were successfully blocked by the bank after the fraud was
discovered.
However, Patco was left on the hook for the remaining $345,000 -- plus interest charges
on more than $100,000 the bank used from Patco s credit line to cover the
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Tags
account,
bank,
business,
computerworld,
cyber,
maine,
moving,
ocean,
online,
patco,
patterson,
place,
sued,
thieves,
time,
transfers,
unauthorized
