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RSS FeedsHow did a fraudster get $12 million out of a Canadian university? They just asked for it
(The Star Fashion & Style)

 
 

10 october 2018 17:12:37

 
How did a fraudster get $12 million out of a Canadian university? They just asked for it
(The Star Fashion & Style)
 


EDMONTON—The email started with an innocent “Hiya,” but the words that followed set off a chain of events that would tarnish a university’s reputation and send investigators on a months-long chase across the ocean and back.It’s been just over a year since MacEwan University was blindsided by an $11.8-million fraud. While the ruse itself was simple, the case that followed was anything but. Police had to navigate a complex money-laundering scheme that funnelled some of the stolen public funds through various accounts in two continents before reinvesting it in a real-estate deal in Richmond, B.C.By scouring court documents from cities across the country that tracked investigations in Edmonton, Vancouver, the United Kingdom and Hong Kong, StarMetro has pieced together the most comprehensive picture of the case ever published and uncovered new details about how the money was stolen and where it went.It began in the summer of 2017, when MacEwan was in the midst of constructing the $180-million Allard Hall: a state-of-the-art building boasting music studios and dance halls with room for 1,800 students. Emails detailing transactions worth millions of dollars were pinging back and forth between school staff and vendors.As a result, one particular email, sent June 27, didn’t set off any alarms. Sent by a James Ellis of Clark Builders, a construction company working on the project, the email opened with the affable “Hiya” before asking the school’s accounts receivable department to reroute payments to a new National Bank of Canada account.A supporting letter attached to the email appeared to have been signed by Marc Timberman, the company’s chief financial officer.Read more:Edmonton’s MacEwan University recovers more than $10 million lost to phishing attack Alberta’s MacEwan University loses $11.8M after being fooled by email phishing scamUdeni Jayasinghe, an accounting technician with the university, ...


 
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