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Financial Analysis Hedge Funds Video

Michael Fagan, right, and Hedgs Brookes were forced to close hedge fund Levitas Capital after a cyber attack in September. Rhett Wyman. Levitas Capital, which traded the so-called fear index in the USwas forced to close due to its largest institutional client, Australian Catholic Super, withdrawing its money after the September cyber Financial Analysis Hedge Funds. NSW police are investigating the matter Financial Analysis Hedge Funds digital crime experts report a spike in attacks on hedge funds and private equity firms this year, as informal checks were weakened due to staff working at home as a result of the pandemic. Cyber investigators hired by Levitas said the attack was initiated after Mr Fagan or Financil Brookes clicked on a fake Zoom invitation, which triggered a malicious software program to be planted on the company's network.

This allowed the cyber criminals to take control of the its email system and send off the bogus invoices. ACS declined to comment.

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This is one example of the manifest failure of these checks and balances with dramatic consequences for our business. The fund, click Mr Fagan founded with fellow trader Michael Brookes, had risen 20 per cent for the year as its algorithm-based model benefited from the wild fluctuations on global markets.

The company receiving the money, Unique Financial Analysis Hedge Funds Trading, meant nothing to him. Even more curious was that the money had been transferred to an ANZ account in the south-western Sydney suburb go here Bankstown, which the fund had never dealt with previously. AET is owned by Sargon, a superannuation services roll-up that was bought by New York financiers this year after going into voluntary administration.

In a statement, Sargon said it was "continuing to investigate the compromise " to determine "how the manual processes required to verify instructions may have fallen down". The company stressed its SargonPay infrastructure remained secure. Mr Fagan said the payment request was suspicious on many levels and should have been picked up by both the trustee and the administrator, Apex.

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It makes you wonder where else Hedgge the system could this happen? Issues that weren't picked up included the attached invoice being addressed to Levitas, not the trustee as was required. Financial Analysis Hedge Funds also claimed to be a "capital call", something the fund had never previously requested. Unique Star also had no links or previous relationship with the fund and Financial Analysis Hedge Funds not on its supplier list. The fund administrator, Apex, did call Mr Fagan to verify the transaction, but he was at the gym and said he would call back before read article any payments. When he returned to the office he emailed Apex but received no reply or call back.

In the background, the fund later learned, the hackers had sent another email to the fund administrator Apex authorising the transaction, as they had taken control of the hedge fund's email system. Apex said it "strongly disputes claims that insufficient Funfs were made to inform the managers of potentially fraudulent transfers".

We are confident that our processes were followed appropriately," it said in a statement.

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One of these cheques was then deposited in a Bank of Queensland account; the other was blocked by Commonwealth Bank, Levitas' Financial Analysis Hedge Funds. In a statement, ANZ said while real-time payments provided opportunities for criminal elements, it continued to work closely with AUSTRAC, law enforcement and the broader industry to detect, prevent and disrupt serious financial crimes.

A week after the first transaction, another fake invoice was wrongly authorised from the Levitas account. Once again, the fund hadn't previously dealt with this company. The hacker had sent a further email Analysks Mr Fagan authorising the transaction. Neither Mr Fagan nor Mr Brookes received calls from the administrator or trustee to check the transaction.

The same red flags were evident on the invoice, but again, no verification calls were made. The money was approved for transfer.

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Fortunately, on that same day, Mr Fagan checked the bank accounts, something he would not normally do, as he was waiting for the additional funds from Catholic Super. But had he not checked the account, or waited even another day, the funds would have most likely cleared both overseas banks and become almost impossible to trace.

Skip to navigation Skip to content Skip to footer Help using this website - Accessibility statement. Companies Financial Services Cyber security Print article. Angus Grigg and Jemima Whyte. Nov 23, — Angus Grigg is an investigative reporter based in Sydney.]