A futures broker (or analogous intermediary subject to statutory segregated account requirements) that receives funds into its clients' segregated account does not receive those funds beneficially and therefore cannot be unjustly enriched by that receipt, even where the funds were procured by fraud. The broker's position is analogous to that of an agent who has paid away funds before notice of mistake. However, uncommitted funds still held in the segregated account at the time fraud is discovered may be recoverable. Knowledge (actual or constructive) remains a necessary element of liability under the first limb of Barnes v Addy for knowing receipt of trust property.
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