Meston “believed that he was preventing a fraud from being carried out against the claimants, and this belief was reasonable,” his lawyers said in court filings. They said he’s not personally responsible for the firm’s assets and that Coutts should have to repay Fortelus.

Friday Afternoon Scam

Hedge funds are not the only victims of a “Friday afternoon scam.” Zurich Insurance Group AG warned in May that law firms were targeted by fraudsters impersonating bank staff that asked for access to accounts, often late on a Friday.

The frauds cost firms and their insurers an estimated 5 million pounds over three months this year, Zurich said.

The theft was carried out by an “unknown third party,” Fortelus said in court documents. The caller identified himself as “Simon Hughes” from the Coutts Online Fraud Response team and transfers were made to accounts under names including EE Traders, AA Ltd., MK Trader, P Plumbers and LLM Client Account, according to court filings.

Meston says that as part of his termination agreement with the fund, he has already agreed to give up salary and bonus payments worth 136,600 pounds. That includes three months he worked without pay, or about 25,000 pounds, as well as 95,000 pounds in cash and deferred bonuses that he surrendered.

Jo Thorne, a spokeswoman for Coutts, declined to comment.

“This story is sad because it may well have been an honest mistake, but because of the technological advances made in finance, where the majority of their business is digital, significant losses can happen very quickly,” said Ferdinand.

The case is Fortelus Capital Management LLP & Anr v. Mr. Thomas Meston, High Court of Justice, Queen’s Bench Division, HQ15P02169

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