Tom Ott, president/CEO of the $66 million Universal City Studios Credit Union, reacted to a recent appellate decision that ruled for CUMIS Insurance Society Inc. in a case involving a fraudulent wire transfer.
At issue was a Court of Appeals upholding a ruling from the Los Angeles Superior Court that said CUMIS had a right to deny a bond claim from UCSCU after $243,000 was fraudulently transferred in January 2008 from William Ryder's account at the credit union to a bank account in Hong Kong.
The transfer was later discovered to be fraudulent when a person posing as Ryder was able to provide a new phone number to UCSCU in Universal City, Calif., and other personal identification information for the transaction to go through.
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