A caller told First Horizon’s support staff on March 3 that he had a new phone and needed a new security token — and within about 80 minutes, six wire transfers totaling $4.85 million had already been requested from one of the accounts tied to Central Florida businessman Misael Rosario. By March 5, a dozen wires totaling $6.5 million had left the accounts, and more than $4.5 million of it has still not been recovered.
Rosario, 68, founded Century Metals and Supplies 38 years ago with $10,000, building a company that now processes metal used in elevators and roofs across Central and South Florida. He is now suing First Horizon Bank, alleging the bank’s security failures let impostors drain accounts belonging to his companies, K&A Rosario Holdings and MJR Fund, according to WFTV. The federal lawsuit was filed in Orlando in May, according to American Banker.
Per the lawsuit, the caller claimed to be Rosario and said he had gotten a new iPhone 14 — the detail that reportedly convinced First Horizon’s help desk to reissue a security token to someone who was not actually Rosario. Rosario’s wife received an email from First Horizon early on the third day after the transfers began, after which Rosario says he was locked out of his other accounts, according to WFTV.
A Scheme That Hit Another First Horizon Customer Weeks Earlier
Rosario’s attorney, Victor Velarde, said scammers allegedly claimed to First Horizon that they were the account holder with a new phone, then requested a one-time passcode and verified their identity using publicly available information. Velarde said the same scheme had targeted another First Horizon customer two months earlier…