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Former IAM staffer steals $1.5m
Financial Standard
|October 07, 2025
A former Income Asset Management (IAM) employee has funnelled $1.5 million from the company using a bank account used by a “minority sub-custodian”.
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IAM said it suspected fraudulent transfers made from a bank account maintained by its previous sub-custodian relating to its bond administration and custody.
The funds fraudulently transferred to the account of a former employee “are not client funds, and the company is not aware of any client funds or assets being lost or removed from safe custody,” IAM said.
The fraudulent transfers came to light during an account reconciliation review undertaken by staff and forensic accountants FTI Consulting, which were hired to review certain internal bank account ledgers.
This examined nearly 22,000 transactions conducted between June 2021 and August 2025.
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