Market Overview

Report: Mattel CFO Nearly Duped Out Of $3.2 Million In China

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Mattel, Inc. (NASDAQ: MAT)'s Chief Financial Officer Kevin M. Farr nearly fell victim to a $3.2 million email scam, according to an unconfirmed report in WantChina Times.

The Internet site, a unit of Taiwanese conglomerate Want Want Holdings Ltd (OTC: WWNTF), said Farr erroneously tried to wire the money to an account in a bank in Wenzhou in eastern China's Zhejiang province.

Farr believed the money had been requested for an acquisition by Mattel's Chief Executive Christopher A. Sinclair, according to the report, which cited an article in the state-owned Wenzhou Daily newspaper.

An unidentified employee of the Bank of Wenzhou told the newspaper that it complied with representatives of Mattel to freeze the account, and that the money hadn't been transferred, according to the report.

Police in Luchen district have confirmed a related investigation according to the newspaper, which apparently hasn't sought comment from Mattel.

Shares of Mattel traded recently at $27.11, down 1.8 percent.

 

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Posted-In: Kevin M. Farr WantChina TimesNews Rumors

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