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Florida Court: Bitcoin Isn’t “Money”, and Selling It Isn’t “Transmission”

A Florida criminal court has exonerated a defendant charged with violating state money transmission and money laundering laws. In Florida v. Espinoza, the State of Florida charged Michell Abner Espinoza with one count...more

Congressional Report Finds FDIC Data Breach Response Obstructed Congressional Oversight

On July 12, the U.S. House of Representatives Committee on Science, Space, and Technology (the “Science Committee”) released a report regarding its investigation of an October 2015 data breach and the subsequent response of...more

Legal Alert: New York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements

On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address...more

Florida Judge Rules Bitcoin is not Money

On July 25, a Florida Circuit Court judge dismissed state criminal charges against a defendant who attempted to sell bitcoins for $30,000 in cash on the ground that bitcoins are not money. Defendant Michell Abner Espinoza...more

EU Proposal to Address Virtual Currency Exchanges & Wallet Providers in Anti-Money Laundering Laws

The European Commission recently published a proposal to amend the Fourth Anti-Money Laundering Directive, the legislation that specifies the anti-money laundering, or AML, and counter terrorist financing rules for EU Member...more

The European, Middle Eastern and African Investigations Review 2016: United Kingdom: handling internal investigations

With so much potentially at stake, the initial steps and strategic decisions taken in any company investigation are critical to setting the tone for a focused, credible and effective inquiry. This is paramount not only for...more

EU brings virtual currency exchanges and wallet providers under the EU Anti-Money Laundering Directive

On 5 July 2016, the European Commission (the Commission) adopted a proposal for a directive that, when passed, will begin to narrow the regulatory gap between the U.S. and the EU for virtual currency exchange platforms and...more

ATM Skimmer pleads guilty in Rhode Island federal court

Skimming continues to be a problem for ATM machines and law enforcement continues to try to combat the problem. Skimming devices are attached to credit and debit card and ATM machines in order to intercept debit and credit...more

In Case You Missed It: Launch Links - April 2016 #4

Some interesting links we found across the web this week: - House of Representatives approves bill requiring warrants for email searches - It was a productive week on the Hill, as the House passed the Email...more

FireEye report shows PoS attacks have compromised more than 20 million cards

FireEye recently issued a report that indicates that bank card data of over 20 million individuals has been compromised since 2014. According to the report, point of sale attacks that have affected the retail and hospitality...more

How to Avoid or Respond to Wire Transfer Fraud

Businesses are increasingly falling victim to wire fraud scams – sometimes referred to as “man-in-the-email” or “business email compromise” scams. Although there are multiple variants, a common situation involves an attacker...more

Lessons from the Bangladesh Central Bank Heist

By now, you’ve probably heard about the massive cyber attack that hit Bangladesh’s central bank last month, resulting in the loss of $81 million through fraudulent transfers to accounts in the Philippines. Although the size...more

Department of Justice Indicts Seven Iranians for State-Sponsored Hacking

The Department of Justice has announced the indictment of seven Iranian hackers alleged to work for the Iranian government on charges stemming from a coordinated string of distributed denial of service (“DDoS”) attacks...more

Cyber prosecutions update

The feds have been busy on the cyber prosecutions front. First, on March 18, 2016, the FBI announced that a multi-agency collaborative effort blew up an identity theft ring whose leader was an inmate in a Georgia prison. The...more

Bitcoin traders allegedly bribe pastor to conduct transactions

New York federal prosecutors allege in an unsealed indictment that Trevor Gross, a New Jersey pastor at Hope Cathedral and Chairman of a credit union, was bribed $150,000 by illegal bitcoin traders to complete transactions...more

European Parliament Draft Report Calls for the Creation of Task Force Devoted to Digital Currencies

A new report published by the European Parliament’s Committee on Economic and Monetary Affairs calls for the establishment of a task force, with its own budget and dedicated staff, that would study digital currencies and...more

SEC Speaks 2016: Enforcement Panels Double Down on Use of Data Analytics

Data collection and analysis continue to impact SEC’s approach to enforcement. The increasing use of data analytics to jump-start investigations and enforcement efforts dominated the panel discussion at this year’s...more

[Webinar] Protecting Against Wire Transfer Fraud: Limiting Your Company's Exposure - Feb. 25th, 1:00pm CST

Beyond the headlines, the latest cyberattacks target corporate bank accounts, rather than consumer credit cards. The FBI has been warning that wire transfer fraud is booming. The billion-dollar problem targets businesses --...more

Ukranian cyber hacker pleads guilty

Sergei Vovnenko, a Ukranian hacker, pleaded guilty last week in federal court in Newark, New Jersey to aggravated identity theft and conspiracy to commit wire fraud by using more than 13,000 computers to steal log-in...more

Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel...more

Marketplace Lending and San Bernardino

Reports show that the San Bernardino shooter took out an online marketplace loan a few weeks prior to the attacks. Despite the terrorists resorting to marketplace lending, I do not believe there is anything that could have...more

Prosecutors Record First-Ever Conviction for ‘Spoofing’: A New Era of Trading Enforcement

Asset managers and other traders should expect aggressive anti-spoofing enforcement and consider reviewing their trading practices in light of this most recent development. On November 3, 2015, a federal jury in...more

SEC Freezes Hacker’s Assets

Federal oversight related to hacking recently made headlines when a federal court in New Jersey granted the Securities and Exchange Commission’s (SEC’s) motion to freeze assets connected to a hedge fund manager accused of...more

Business Litigation Alert - "Fraud Alert: Even Lawyers Get Scammed"

Law Firms Lose Millions in Wire Transfer Scheme - Unfortunately, it has become all too easy for companies and individuals to become the victims of fraud, and law firms are not immune from this risk. ...more

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

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