Fremantle Europe Exec Exits After Falling Victim To $1M Fake M&A Scam
deadline.comThe Fremantle exec who fell victim to a $1M fake M&A scam has exited the business. Fremantle confirmed Southern Europe CEO Jaime Ondarza‘s departure following local reports.
Last month, he was revealed to have been targeted by cyber criminals who posed as a senior Fremantle leader needing funds for a company acquisition in Asia.
According to the Corriere Della Sera newspaper, the scammers convinced Ondarza to transfer €937,670 ($1M) to an account in Asia in what is known as ‘CEO fraud.’ The owner then scattered the money to dozens of other international accounts (IBANs), meaning the cash is almost impossible to trace.
Fremantle recently acquired 80% of Singapore’s Beach House Pictures. A Fremantle spokesperson acknowledged the cyber incident at the time and said the super-indie was “working with the relevant authorities to resolve this matter.” Ondarza’s exit comes just more than a year after he joined from Paramount Global.
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