07Jun

CEO Ousted From Firm Defrauded of $47 Mil.

Follow-Up to a Story We First Brought You on February 9th

The head of an Austrian aerospace parts manufacturer has been fired after the company was hit by a $47 million cyber fraud that we first brought you in an article in February.

Known as Business Email Compromise, a bogus email, supposedly sent by the CEO, directed an employee to transfer funds into an account the fraudster setup for a non-existent project.  The board of directors came to the conclusion that the president had violated his duties surrounding this incident but gave no further details.  The CFO of the company was also fired shortly after the fraud was first reported.

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