KeyCorp shares fall after the bank uncovers $90 million fraud by payrolls processor
4 months, 3 weeks ago by kyle | 5 facts | 0 comments | 0 votes

  • Shares of KeyCorp fell Tuesday after the regional bank disclosed fraudulent activity that could cost the company up to $90 million. -
  • Cleveland-based KeyCorp said in an 8-K filing the fraud involves a "business customer" and was discovered "on or about" July 9. -
  • The customer in question is Interlogic Outsourcing, a payrolls processing company based in Elkhart, Indiana -
  • On July 9, KeyBank filed a lawsuit against Interlogic claiming the payments processor “fraudulently initiated wire transfers.” -
  • “The Company is working with the appropriate law enforcement authorities in connection with this matter,” KeyCorp said in the filing. -

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