The Australian boss accidentally transferred over half-a-million dollars to the wrong bank.
After one year since Digby Beaumont, who is known for accidentally sending more than half-a-million dollars to the wrong bank, was forced to take legal action to retrieve the money after a year of trying.
The incident occoured in 2022, when Digby Beaumont, Palisade Real Assets' head of investments sent $560,000 to the wrong account.
Accoring to AFR, he intended to invest $560,000 in L1 Capital's Long Short Fund through Apex Group on behalf of the A&D Beaumont family trust.
Beaumont reportedly manually filled out the bank details, including the BSB and account number, but inadvertently entered an incorrect BSB number.
When attempting to redeem the units, which had appreciated to $560,000, Beaumont realized the funds had been transferred to a different account. An interim order from the NSW Supreme Court stated that both Beaumont and Apex discovered the mispayment due to the error in the initial application form.
A year after the incident occurred, Beaumont was forced to take legal action to recover $560k
'Mr Beaumont, and indeed Apex, became aware that the monies had been paid into the wrong account by reason of the misstatement in the initial application form', an interim order from the NSW Supreme Court states.
Addionally, Beaumont and his wife submitted a change of details form to correct the BSB number, the funds had already been deposited into another Commonwealth Bank account. The recipient of the $560,000 could not be contacted by the bank.
Beaumont's legal team successfully obtained an order preventing the recipient from withdrawing the funds and gaining discovery powers to identify the account holder.
During a recent meeting between Beaumont's solicitor and lawyers for the Commonwealth Bank, questions were raised about the status of the $560,000 in the account. While the bank's representatives couldn't confirm, they hinted at the necessity of a freezing order.
The judgement order mandates that funds cannot be withdrawn from the account unless the remaining balance equals or exceeds the transferred amount.
According to his LinkedIn profile, Beaumont oversees Palisade Real Asset's investment strategy, focusing on mid-market opportunities in communications, power, renewables, and transportation.
He has held previous positions at Blue Sky Alternative Investments, LLC, AMP Capital's North American infrastructure business, Whitehelm Capital, Allco Finance Group, and Ernst & Young. Beaumont relocated from New York to Sydney in 2021.
