A new report issued by the US Cyber Safety Review Board examining the damaging cyber attacks committed by Storm-0558 from China, which caused enormous loss of data was preventable but was not halted due to Microsoft's security systems and culture were was inadequate and requires an overhaul. āThe board finds that Microsoft...
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Standard & Poor’s credit rating ageny to pay $77 million to settle SEC and state charges over ratings
The Credit-rating agency Standard & Poor's will pay $77 million to settle with U.S. and state regulators over "fraudulent misconduct." The SEC and state attorneys general alleged that the company publicly misrepresented the methodology it was using to rate six different CMBS products in 2011. In...
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Two men sentenced for their part in $9 Million fraud scheme
The owner of two California-based hospice companies, and his biller and consultant, were sentenced yesterday for their respective roles in a scheme that resulted in stealing over $9 million from Medicare in false and fraudulent claims for hospice services.
Gayk Akhsharumov, 40, of Glendale, California, the manager and...
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Commerce Dept sends letters to 20 US companies naming 600 foreign parties selling their restricted tech to Russia
There is an interesting article in the Wall Journal dated today, March 29, 2024 which says that the U.S. Commerce Department has sent letters to more than 20 U.S. companies with a list of 600 foreign parties that appear to be selling restricted technology to Russia. The full article is here:
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U.S. releases draft federal rules for cyberattack reporting rules for critical infrastructure companies
The United States Cybersecurity and Infrastructure Security Agency has released draft of the rules explaining how critical infrastructure companies must report cyberattacks to the government. Companies owning and operating infrastructure will need to report significant cyberattacks within 72 hours and report ransom payments within 24 hours. The rules target any company...
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SEC increasing its investigation of major cyber-hacks on tech and telecom companies says Bloomberg
Cybersecurity
The U.S. Securities and Exchange Commission is actively probing technology and telecom companies on how they responded to the SolarWinds cyber attack in 2020, according to Bloomberg.
The hack of SolarWinds, was one of deepest and most sophisticated cyber...
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Lab owner pleads guilty to $30 million Medicare fraud scheme
A Florida man Robert M. Clark, pleaded guilty today to his role in a scheme to defraud Medicare by billing for over-the-counter COVID-19 test kits and genetic tests that were ineligible for reimbursement and procured by paying illegal kickbacks and bribes.
Clark,of Pompano Beach, was...
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SEC charges former Arista Networks Chairman Andy Bechtolsheim with insider trading on acquisition of Acacia
The Securities and Exchange Commission has issued insider trading charges against Andreas āAndyā Bechtolsheim, the founder and Chief Architect of Silicon Valley-based technology company Arista Networks, Inc. To settle the SECās charges, Bechtolsheim agreed to pay a civil penalty of nearly $1 million. and will be barred from...
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US SEC seeking $2 Billion from Ripple, Chief legal officer reports says Reuters
According to Reuter, the U.S. Securities and Exchange Commission is seeking fines and penalties totaling $2 billion in its case against Ripple Labs over sales of the cryptocurrency XRP, the company's chief legal officer said in a social media post. The company's Chief Legal Officer Stuart Alderoty said the regulator has...
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US sanctions 13 Russian companies and two persons for offering crypto services used to evade sanctions on Russia.
The U.S. has sanctions on 13 Russia-linked fintech companies and two individuals for offering cryptocurrency services used to evade economic restrictions imposed on Russia following its invasion of Ukraine. The U.S. Treasury Department's new sanctions relate to Russian companies designated by...
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