Lewin

Nicholas Richards, Business Writer

A $1.6-million fraud uncovered at Barita Unit Trust Management Company Limited did not affect client accounts, the investment firm said, moving to avert fall-out from the news.

Barita, a mutual fund manager, said cheques were pilfered from a clearing account.

Fraud charges

A contracted security guard is facing fraud charges in court, along with an alleged accomplice. Three others are to face the court Monday.

The case, said Barita, was investigated by Detective Daniel Richards, who was not available for comment.

The $1.6 million was discovered missing in May.

Barita's operations manager Roger Grant says the investment company has since put in tighter controls, but would not give specifics.

"... Except to say that we have heightened security," said Grant.

On alert

Managing Director Karl Lewin also refused to elaborate, but said the company was on the alert to guard against future breaches.

"Because no matter what controls you put in place people will always be able to circumvent the system," said Lewin.

He said the current case represented a first time breach, and the new security measures would slim the chances of a recurrence.