ACH Fraud: Judge Denies PATCO Motion
August 11, 2011
Total Loss:
$500,000
A U.S. District Court in Maine has affirmed a magistrate's May recommendation to deny a motion for a jury trial filed in the ACH-related fraud case between PATCO Construction Inc. and its former commercial account manager, Ocean Bank. [Ocean Bank is now owned by bank corporation People's United Bank.]
In the May disposition, the court notes that Ocean Bank's security could have been better. But because PATCO agreed to the bank's security when it signed the contract, the court assumed PATCO considered the methods to be reasonable.
Source:
Bank Info Security
Posted in:
ACH and Wire Fraud