New York Court of Appeals February 23, 1989 (Prudential-Bache Securities, Inc. v. Citibank, N. A.)

OPINION OF THE COURT

Kaye, J.

For more than two years, a massive fraud went undetected within Prudential-Bache, involving the issuance of firm checks that were regular on their face but improperly made payable to fictitious customers actually under the control of a Prudential-Bache employee.