“A big Wall Street technology firm is being sued after allegedly falling for a run-of-the-mill email scam and wiring client funds to hackers.
SS&C Technologies, a $6 billion market capitalization company that bills itself as “the most comprehensive powerhouse of software technology in the financial services industry,” was duped by China-based hackers who sent sloppy emails to company staffers in order to trick them into releasing client money, according to a complaint.
And that, now, has taken Tillage Commodities Fund offline temporarily. The investor has suspended business operations after nearly $6 million of its funds reportedly were fleeced, via SS&C, this March, according to a lawsuit. The complaint from Tillage, a commodities investor, alleges SS&C Technologies, its fund administrator, ignored its own protocol, resulting in the lost funds.”
Author: Jon Marino