Xoom Says Criminal Fraud Costs $30.8 Million, CFO Departs
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Xoom Corp., the provider of Internet money-transfer services, announced $30.8 million in fourth-quarter costs tied to a suspected criminal fraud and said its chief financial officer resigned.
“The incident involved employee impersonation and fraudulent requests targeting the company’s finance department, resulting in the transfer of $30.8 million in corporate cash to overseas accounts,” San Francisco-based Xoom said in a regulatory filing yesterday after U.S. markets closed.