Securities-Fraud Scheme Lands Ex-COO 30 Months in Prison

Scales of justiceStephen Shea, the former chief operating officer of brokerage firm Sky Capital LLC, has been sentenced to 30 months in federal prison for his part in a $140 million securities-fraud scheme.

Bloomberg News reports that Shea and five others were charged in June 2009, three years after FBI agents raided the brokerage firm. Other former employees convicted in the case included founder Ross Mandell, who’s serving an 12-year prison sentence for operating a scheme that started in 1998.

“The defendants misled investors, who put cash in private investments, and then used that money to enrich themselves, pay excessive fees and commissions to brokers and pay off victims of earlier schemes, Manhattan U.S. Attorney Preet Bharara said in 2009, when the case was filed.” according to Bloomberg’s report.

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Holiday Workers Need Background Checks, Too

ThiefBecause temporary employees usually have access to your place of business, and they interact with your permanent work force and maybe even clients, it’s important to be sure they can be trusted, advises EmployeeScreenIQ.

It’s likely that these temporary workers are trained on your business systems, and may have access to certain intellectual property.

“They may even have access to your trade secrets,” EmployeeScreenIQ says on its website. “Given the huge amount of access that temporary workers are given during a relatively short amount of time, it’s important to screen these workers just as you would other employees.”

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The State of Cybercrime Today: Threats and Solutions

ISACAISACA offers a free on-demand webcast on the threat of cybercrime.

Cybercrime continues to grow in scope and scale, with losses to consumers and businesses across numerous sectors in many countries.

The webcast covers:

  • The top trends in cybercrime today and how they are manifesting themselves in different market sectors
  • Where cybercrime is coming from
  • The business impact of cybercrime and the primary concerns
  • Why these criminals are so successful
  • What is wrong with various aspects of security today (people, process, technology, etc.)
  • Effective solutions to combat cybercrime

A nonprofit, independent membership association, ISACA helps business and IT leaders maximize value and manage risk related to information and technology. Founded in 1969, the nonprofit, independent ISACA is an advocate for professionals involved in information security, assurance, risk management and governance.

See the on-demand webcast.