Wall Street Software Firm Sued After Losing $6 Million in Email Scam

September 17, 2016

Tillage Commodities Fund, a US investment firm, is suing SS&C Technologies, a Wall Street technology firm, after the latter lost $6 million of the former’s money, forcing it to shut down operations temporarily, CNBC reports.

Tillage claims that an SS&C employee broke procedures after he received an email asking him to release Tillage funds, which he then transferred to accounts under the control of Chinese hackers.

This happened multiple times, with the scammers requesting as much as $3 million in one single transfer, without SS&C verifying the transaction with a Tillage representative. In some cases, the funds were released mere minutes after the email arrived at the SS&C employee.

Tillage claims in a lawsuit filed last week that it had to temporarily shut down investment operations due to a lack of funds.

SS&C provides investment management software and services and has a market valuation of around $6 billion.

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