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Leonovus (TSXV:LTV) victimized $571K in bank fraud, says operations unaffected

Tony Zerucha

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On Sun., Feb. 24 Leonovus (TSXV:LTV) discovered it lost $571,000 in a sophisticated bank fraud scheme orchestrated by a group spread between Singapore, Zurich, Switzerland and Milan.

Leonovus is taking all appropriate steps, including working with the local police in Milan, to investigate and bring to justice the perpetrators of this scam. The company is working with its insurance providers to determine whether the losses will be insured.

“The losses suffered as a result of this scam has nothing to do with Leonovus products or core technology and will not affect the ongoing operations or business of Leonovus,” the company said in a statement.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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