Ex-Hedge Fund CFO Glad He Didn’t Also Help Nigerian Prince Complete His Wire Transfer

Thomas Meston was just trying to be a bro... It backfired.
Author:
Updated:
Original:

I know it **sounds** too good to be true...

Tempting as that deal was, Thomas Meston was too busy helping someone from his hedge fund’s bank rip it off to the tune of $1.2 million.

The caller said he was from Coutts, the London-based 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 742,668 pounds ($1.2 million) was gone. Coutts, a unit of Royal Bank of Scotland Group Plc, had no record of the Friday phone call. Meston had been conned.

Meston’s old firm, Fortelus Capital Management, quickly decided that they didn’t need a CFO quite so gullible and sent him packing. Then they sent him a lawsuit for being stupid. This is really piling on, as far as Meston is concerned.

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.

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

Related

Defunct Hedge Fund Would Have Liked To Know Its CFO Was Under Indictment

Is that the sort of thing you're supposed to mention in an interview? If so, nobody told Tetsuya Motomura.

paul singer

Paul Singer Gives Helping South America A Try

Failing that he might just try a land invasion.

Help Michael Steinberg Name His New Hedge Fund

"Snitches Get Stitches Capital" is not in the running.

(Ferragamo)

Ex-Union Boss Resorts To Fundraising Methods Beyond Hedge-Fund-Bribes-In-Handbag

Plus, it’s unclear whether the $100K Norman Seabrook’s family needs would fit into a Ferragamo.

bob-mercer-nuke

Former Top Hedge Fund Manager Also A Former Part-Time Cop

Don’t worry: Bob Mercer didn’t fly 1,800 miles six times a year just to live out a fantasy, although we’re sure that was fun. He did it so he could carry a gun around East Setauket.