Banker disappears with $1.5m put in a/c by mistake

WASHINGTON (TIP): In the board game Monopoly, when the bank makes an error in your favour, the player gets to keep the money. A hedge fund manager is acting as if he has drawn that lucky card for real, a lawsuit against him contends. Credit Suisse says it wired a total of $1.5 million in three transactions to the hedge fund’s bank account on one day in January. Two weeks later, according to its lawsuit, the bank realized it had made a mistake: At the time of the wire transfers, the hedge fund, Galbraith Capital Investment Management, was winding down operations and it had no cash left in its account with Credit Suisse.

The bank asked for its money back. It is still waiting. The bank sued Galbraith Capital and its manager, Joseph B. Galbraith, seeking to recover the money. Credit Suisse filed a motion in a New York State court in August seeking a default judgment against Galbraith and the hedge fund. At a hearing this month, a New York state judge orally granted a judgment against the hedge fund but not against Galbraith, a person briefed on the matter said. Galbraith has yet to file a legal response in the case or be personally served with court papers. So now Credit Suisse is left to play a different game: Where in the world is Joseph B. Galbraith? People who know Galbraith, 42, who renounced his US citizenship in 2011, say they think he is living with his second wife in Europe, possibly in Monaco.

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Volume 4 Issue 41 | Dallas | Oct 21

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