Law Practice Management
Client Reportedly Scams $1M from Philippine Law Firm
A law firm that bills itself as the biggest in the Philippines reportedly has been scammed by a client.
“Sycip Salazar Hernandez & Gatmaitan, one of the leading local law firms, was duped by a foreign client into advancing P50 million for a deal that would supposedly bring around P100 million to the firm’s earnings,” reports ABS CBN News, relying on unnamed sources at other law firms.
The amount allegedly scammed adds up to over $1 million in U.S. dollars at the current exchange rate. The article says the law firm checked the client’s bank account before making the advance, but the account allegedly “disappeared” thereafter.
The law firm did not immediately respond to requests for comment from the news organization and from ABAJournal.com.
