Scammers take Quebec company for $5.5-million

La Coop fédérée

A big Quebec company fell for a scam in a big way - the details only coming out now because it had to go to court in a bid to get its insurance company to cover its losses.  

This scam is dubbed "the fake president".  

The fraud artists research the inner workings of a company, in this case, La Coop fédérée, the parent firm that owns the BMR hardware chain and Olymel meats.  

The con artists masquerade as the company's president, using what appear to be genuine e-mails and documents to convince employees to transfer large sums to a third party.  

La Presse reports that La Coop fédérée sent $5.5-million dollars to a bank account in China before the scam was discovered.  It frantically tried to reverse the transfer but it was too late.

Another Quebec company, the Montreal affiliate of Alfagomma, was suckered out of nearly $2-million dollars.  

Provincial police say there have been 90 cases of "the fake president" scam reported with $28-million lost since 2014.