Essilor Sues JPMorgan Bank On Ignored Suspicious Transaction Red Flags: Bloomberg

Author: Vandana Singh | April 26, 2022 07:35am

• Bloomberg reported that the maker of Ray-Ban glasses sued J.P. Morgan Chase Bank N.A., claiming the bank ignored red flags as cybercriminals drained $272 million from its New York bank account.
• Essilor Manufacturing (Thailand) Co. said J.P. Morgan was aware, beginning in September 2019, of a “highly suspicious pattern of fraudulent transactions” but didn’t notify the company.
• Red flags included a jump in monthly dollar volume from $15 million to more than $100 million and money being moved to shell companies at regional banks, often in high-risk jurisdictions, EMTC said in the complaint filed Monday in federal court in Manhattan.
• “The fraudulent transfers were all made in round dollar amounts (i.e., no cents), which was a dramatic departure from prior periods where round dollar transfers were relatively infrequent,” EMTC said.
• EMTC operates a manufacturing plant in Thailand for France-based EssilorLuxottica SA. J.P. Morgan Chase Bank is a unit of JPMorgan Chase & Co (NYSE: JPM)
• EMTC said it recovered all but $100 million of the stolen funds “through a costly and burdensome process.” It’s seeking compensatory damages to be determined at trial.
• Photo by Okan Caliskan from Pixabay

Posted In: ESLOF ESLOY JPM