Warning to online banking users because a simple mistake by Aussie boss sends $560,000 to the wrong account – and he still hasn’t got the money back a year later
- The court ordered the bank to stop withdrawals from the account
An Australian boss who accidentally sent more than half a million dollars to the wrong bank account has had to take legal action after a year of trying to get the money back.
Digby Beaumont, head of investments at Palisade Real Assets, transferred $560,000 to the wrong account in June 2022.
Mr. Beaumont planned to invest in L1 Capital’s Long Short Fund through a third party called Apex Group on behalf of the family trust, A&D Beaumont.
He purchased $500,000 worth of units in the fund and manually filled in bank details, including the BSB and account number.
Unfortunately, the BSB number entered was incorrect, the AFR reports.
When Mr. Beaumont went to redeem the units, now worth $560,000, the money went to another account.
“Mr Beaumont, as well as Apex, learned that the money had been deposited in the wrong account because of the inaccuracy in the original application form,” said an interlocutory judgment from the NSW Supreme Court.
Digby Beaumont, head of investments at Palisade Real Assets, sent more than half a million dollars to the wrong account more than a year ago
A high-level boss who accidentally transferred $560,000 to the wrong bank account after using the wrong BSB number must take legal action
“Mr. and Mrs. Beaumont completed an amendment form to nominate the correct BSB number. However, the proceeds had already been transferred to another account at the Commonwealth Bank.’
The warrant also revealed that the Commonwealth Bank has been unable to contact the recipient of the $560,000.
However, Mr. Beaumont’s legal team has since won an injunction that will prevent the recipient from withdrawing and possibly spending the money.
The lawyers also won “discovery powers” to identify the account holder.
According to the ruling, Mr. Beaumont’s attorney asked the CBA at an attorneys’ meeting earlier this week whether the $560,000 was still in the bank account.
CBA attorneys responded, “I can’t tell you that, but I’ll think about what I can tell you. Well, let’s just say a freezing order tomorrow is a good idea.”
According to his LinkedIn profile, Mr. Beaumont is responsible for Palisade Real Asset’s investment strategy, which focuses on mid-market opportunities across various industries
The verdict states that money cannot be removed from the account unless after the withdrawal the money remains equal to or greater than the value transferred.
According to his LinkedIn profile, Mr. Beaumont is responsible for Palisade Real Asset’s investment strategy, which focuses on mid-market opportunities in communications, energy, renewables and transportation.
He was formerly Head of North America at Blue Sky Alternative Investments, LLC, and a founding member of AMP Capital’s North American infrastructure business.
Mr. Beaumont previously worked at Whitehelm Capital, Allco Finance Group and Ernst & Young and moved from New York to Sydney in 2021.