News & Analysis as of

Scottrade announces data breach affecting 4.6M customers

Scottrade, a retail brokerage firm, announced late last week that it suffered an intrusion by cyber hackers who stole client contact information of 4.6 million customers. The intrusion occurred between late 2013 and early...more

Strike Suit Offers Conjectures, And Little More, About Scottrade Data Breach

As reported on Friday in the Krebs on Security blog, online broker Scottrade had sent an e-mail to customers earlier that day stating that it recently had learned from law enforcement officials that Scottrade was one of a...more

That is SO last week - October 2015

Last week saw a lot of media coverage about “Yelp for People.” The app, called Peeple, allows users to rate friends, co-workers, and romantic partners based on a five-star rating system. Recruiters could review the ratings...more

Bridging the Week - June 2015 #5

UK Regulators Implement Tougher Pay Rules for Banking Institutions’ Senior Managers: The United Kingdom Prudential Regulation Authority and Financial Conduct Authority have adopted new rules regarding the remuneration of...more

FINRA Fines & AWC’S for Blue-Sheet Violations on Which SEC Sought Admissions

I wrote earlier that the SEC was wrong to extend its “admission of wrongdoing” policy (once reserved for extreme cases) to negligent software-glitch misreporting of trade-data in the Scottrade case...more

SEC’s Recent Admissions Case Muddies Standard

The SEC famously announced last year that it would insist upon admissions in settled cases involving egregious conduct – instead of its long-standing “neither admit nor deny” rubric. But its recent Scottrade action has the...more

The SEC Scores Another Admission: Scottrade Acknowledges That It Broke Recordkeeping Rules

Last week, Scottrade Inc. became the latest entity to admit wrongdoing in connection with settling SEC charges. In a January 29, 2014 administrative order, the brokerage firm not only agreed to a $2.5 million penalty, but...more

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