There are plenty of excited articles around these days about the new JOBS (Jumpstart Our Business Startups ) Act and the effect this new law will have on the marketing of hedge funds. In brief, it’s now going to be easier for hedge funds to market themselves to the general public. If previously hedge funds
Scams
Using Social Security Numbers to Root Out Employee Fraud
By Philip Segal on
One of our most closely-guarded pieces of personal information, we nonetheless are obliged to divulge our Social Security numbers several times a year. You want a job? Hand it over.
A client once approached us to see whether we could run a quick background check on domestic helper he was thinking of employing. She cheerfully…
Prevent Corporate Identity Theft: A Consumer’s Checklist
By Philip Segal on
A report on National Public Radio written up here outlines the problem: legitimate businesses are increasingly subject to identity theft. Businesses find imposters are misusing their credit ratings, while there’s serious risk that people are using exterminators, contractors and other businesses being run by those same imposters.
While businesses guarding against ID theft are in…
Allen Stanford: Persistent Due Diligence Could Have Made a Difference
By Maria Matasar-Padilla on
The Allen Stanford alleged Ponzi scheme case is currently before the courts after years of delays. We are finally getting to hear from witnesses and co-conspirators about what they say were the lengths undertaken to defraud Stanford’s investors. Given the magnitude of the alleged $7 billion fraud, it would be no surprise if Stanford had…
Background Checks for All: Lessons from the Alleged Archdiocese Theft
By Maria Matasar-Padilla on
Anita Collins, an elderly woman working as an accounts payable clerk for the New York Archdiocese, was recently arrested for embezzling funds from the church. That’s bad news for the archdiocese. But the real black eye for the church is that the entire experience could have easily been prevented. Had the church run a simple…
Is There a Spin Doctor in the House?
By Philip Segal on
This story on the Huffington Post sneeringly treats a new offering in the financial world: negative publicity insurance. The policy will be offered by a division of AIG, and will give companies in crisis access to PR damage-control specialists Burson-Marsteller and Porter Novelli.
Why is this a story anyone should feel negative about? The fact…
Shock! Rogue Trader was Polite and Well Educated
By Philip Segal on
Police have arrested another suspected rogue trader at a big investment bank, a man named Kweku Adoboli who is alleged to have lost $2 billion for UBS in unauthorized deals.
A story about Adoboli in the Wall Street Journal describes him a “well educated” and “polite,” which must fall into the category of Dog Bites…
Why You Should Encrypt Your Data Now
By Philip Segal on
A chilling story in the Wall Street Journal’s Digits Blog yesterday told us that LinkedIn, Netflix and Foursquare “stored various forms of users’ personal data in plain text on a mobile device, putting sensitive information at risk to computer criminals.”
As if to confirm worst-case scenarios, Citibank then revealed that hackers have accessed the accounts…
How to Spot a Fake Law Firm
By Philip Segal on
Posted in Scams
The appears to be a fake law firm holding itself out as operating in New York, according to a report in the ABA Journal.
Why someone (either a criminal or a government operator conducting a sting) would want to invent a law firm is not hard to imagine. For anyone to be taken in…