{"id":96196,"title":"JPMorgan Sued after Millions Stolen from RayBan Maker Accounts – Ignored Red Flags","publisher":"Share Talk","author":"sharetalk","published":"2022-04-26T14:08:54+00:00","modified":"2022-04-26T14:11:48+00:00","canonical_url":"https://www.share-talk.com/jpmorgan-sued-after-millions-stolen-from-rayban-maker-accounts-ignored-red-flags/","markdown_url":"https://www.share-talk.com/jpmorgan-sued-after-millions-stolen-from-rayban-maker-accounts-ignored-red-flags.md","json_url":"https://www.share-talk.com/jpmorgan-sued-after-millions-stolen-from-rayban-maker-accounts-ignored-red-flags.json","category":"Blogs","categories":["Blogs","Business & Support Services"],"tags":["Court","cybercriminals","Essilor","federal","Fraudulent","JPMorgan","Manhattan","Manufacturing","Morgan Chase Bank","New York","RayBan","Sued","Thailand","transfers"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"J.P. Morgan Chase Bank N.A. A unit of Ray-Ban, a French manufacturer of Ray-Ban glasses sued J.P. Morgan Chase Bank N.A.\n\n- Essilor claims that the bank ignored suspicious transaction red flags\n\n- Cybercriminals are alleged to have taken $272 million from accounts\n\nEssilor Manufacturing (Thailand) Co. stated that J.P. Morgan knew of a “highly suspect pattern of fraudulent transactions”, but did not notify the company.\n\nIn a complaint filed Monday at Manhattan federal court, EMTC stated that red flags included a rise in monthly dollar volume of $15 million to more than $100 million, and money being transferred to shell companies at regional bank branches, often in high-risk jurisdictions.\n\n“The fraudulent transfers were made in round dollars amounts (i.e. no cents), which is a drastic departure from previous periods when round dollar transfers were fairly common,” EMTC stated.\n\nEMTC owns a Thailand manufacturing plant for EssilorLuxottica South. J.P. Morgan Chase Bank, a unit of JPMorgan Chase & Co. JPMorgan Chase did not respond to a request.\n\nEMTC claimed it had recovered all but $100 Million of the stolen funds through a “costly and burdensome process.” They are seeking compensatory damages that will be determined in court.\n\nEssilor International SAS is suing J.P. Morgan Chase Bank N.A., 22cv-03361, U.S District Court, Southern District of New York."}