Loss of $2,000,000 Due to Wire Fraud

Loss of $2,000,000 Due to Wire Fraud

It was recently reported that a buyer wired a $2,000,000 deposit for a $20,000,000 purchase of an apartment in Manhattan, NY. He inadvertently sent it to cybercriminals and is now blaming his real estate attorney. While in contract, the buyer’s email was hacked and the cybercriminals intercepted communications regarding the purchase. Posing as the buyer, the hackers sent the wire transfer instructions to the buyer’s bank. Apparently, the buyer’s attorney’s name was spelled incorrectly, but no one noticed. The buyer was able to recover all, but $200,000 of his deposit. He has now sued his attorney to recover the $200,000 plus additional damages.

-Shannon B. Jones, Partner, sbj@sbj-law.com