Xoom Got 31 Million Dollars Stolen

steveinbsas said:
'

Corporate funds were transferred to overseas accounts so XOOM's customers didn't lose anything.

From the article linked in the first post:

"The chief financial officer at Xoom Corp. stepped down Monday after the San Francisco company revealed that fraudsters had transferred $30.8 million in corporate cash to overseas accounts."




State banking regulations - as well as any insurance which applies to customer funds - would not apply to the corporate funds that were surreptitiously transferred.
Click to expand...
Something about this story smells like fish.
 
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