PNC Bank on Thursday sued a New York tech-company founder, accusing him of defrauding it of $27 million in a check-kiting scheme that involved the movement of hundreds of millions of dollars.
Dan Herbatschek, a mathematician who founded Ramsey Theory Capital, is named as the lead defendant in the lawsuit, along with other affiliated companies.
Messages left with PNC and Ramsey Thursday afternoon were not immediately returned.
According to the lawsuit filed in federal court in Pittsburgh, PNC learned that three checks deposited by Herbatschek on July 22, totaling $2.9 million had been returned because of insufficient funds.
As PNC investigated the returned checks, the complaint said, “Herbatschek was executing a large-scale fraudulent check-kiting scheme against the bank.”
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